Odaily News 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, and use blockchain technology to realize "one-stop" online processing of cross-border electronic tax payment business such as overseas remittances, tax payments, and warehousing, effectively resolving the three major pain points of "multiple runs", "high costs", and "difficulty in foreign exchange settlement" for cross-border remittance and tax payment of non-resident enterprises. As of the end of August 2024, the new model of cross-border remittance and tax payment business in Shanghai has completed a total of 1.486 billion yuan in tax payments. The pilot banks include ICBC, ABC and BOC in this city. The currencies involved include RMB, USD, EUR, JPY, etc., and the taxes involved are corporate income tax and stamp duty. (Jinshi)