Pedestrian announced that in order to further optimize the business environment and improve the convenience of cross-border tax payment. Since February, the Shanghai Municipal Taxation Bureau of the State Administration of Taxation has been actively exploring a new model of cross-border remittance tax payment business, using blockchain technology to realize cross-border electronic tax payment, foreign exchange, tax payment, bank transfer, etc. “One-stop” online processing of business effectively solves the three main pain points of cross-border remittance payments for non-resident enterprises: “running a lot”, “high cost” and “hard to settle” taxes.

As of the end of August this year, the new model of cross-border remittance tax payment business in Shanghai has cumulatively completed payment of RMB 1.486 billion. Pilot banks include the city's industrial enterprises (01398.HK), agriculture (01288.HK) and intermediate banks (03988.HK), currencies involving RMB, US dollar, euro, Japanese yen, etc. Income tax, stamp duty.

Next, Pavement Shanghai Headquarters will work with the continuing organization of the Shanghai Municipal Taxation Bureau of the State Administration of Taxation to expand pilot receivership banks and pilot zones to further enhance the digitalization level of government services.