The Shanghai headquarters of the People's Bank of China: Exploring new models of cross-border remittance and tax payment business based on blockchain technology

In order to further optimize the business environment and improve the convenience of cross-border tax payment, since February 2024, the Shanghai headquarters of the People's Bank of China has cooperated with the Shanghai Taxation Bureau of the State Administration of Taxation to actively explore new models of cross-border remittance and tax payment business, using blockchain technology to realize the "one-stop" online handling of cross-border electronic tax payment business such as overseas remittance, tax payment, and warehousing, effectively resolving the three major pain points of cross-border remittance and tax payment for non-resident enterprises: "multiple runs", "high costs", and "difficulty in foreign exchange settlement". As of the end of August 2024, the new model of cross-border remittance and tax payment business in Shanghai has paid a total of 1.486 billion yuan in taxes. The pilot banks include ICBC, ABC and BOC in this city. The currencies involved are RMB, USD, EUR, JPY, etc., and the taxes involved are corporate income tax and stamp duty. (Jinshi)