On September 13th, to further optimize the business environment and enhance the convenience of cross-border tax payment, since February 2024, the Shanghai Head Office of the People's Bank of China, in collaboration with the Shanghai Municipal Taxation Bureau of the State Administration of Taxation, has actively explored new models for cross-border remittance tax payment. Leveraging blockchain technology, they have achieved "one-stop" online processing of cross-border electronic tax payment services, including overseas remittance, tax payment, and treasury deposit, effectively resolving the three pain points of non-resident enterprises in cross-border remittance tax payment: "running around," "high costs," and "difficulty in converting foreign currency."

By the end of August 2024, the new model of cross-border remittance tax payment in Shanghai has accumulated a total of 14.86 billion yuan in tax payments. Participating banks include Industrial Bank, Agricultural Bank, and Bank of China in Shanghai, with currencies including RMB, USD, EUR, and JPY, and tax types including corporate income tax and stamp tax.