China Realizes Electronic Tax Filing for Foreign Payments to Facilitate Cross border Trade and Investment

The reporter learned from the State Administration of Taxation on the 3rd that since January 1, 2020, the electronic filing of external payment tax for service trade and other projects has been launched nationwide. As long as relevant enterprises log in to the electronic tax bureau, select the module of "external payment tax filing for service trade and other projects", fill in and report the generated electronic information of tax filing, which can be verified online at the bank end in real time, Realize paperless processing throughout the process.

At China Construction Bank Xiamen Branch, Zhang Yongyou, the financial staff of Xiamen Xiashun Aluminum Foil Co., Ltd., recently successfully handled a $100000 tax filing information verification and completed the payment of foreign exchange through the "cross-border financial blockchain service platform", which took only 2 minutes. "It's really fast and convenient to handle external payment business now!" said Zhang Yongyou.

The foreign payment tax filing handled by Zhang Yongyou refers to the tax filing with the local competent tax authority when domestic institutions and individuals make a single payment of foreign exchange funds equal to or more than 50000 US dollars (excluding) for service trade and other projects overseas. Under the traditional filing mode, the external payment of foreign exchange funds by Xiashun Aluminum Foil Co., Ltd. needs to be handled at the tax and bank windows, which consumes more time and energy.

According to the relevant person in charge of the International Taxation Department of the State Administration of Taxation, the whole process of electronic filing has been achieved nationwide, opening up information sharing channels among enterprises, taxation, foreign exchange and banks. Enterprises and banks log in to the electronic tax bureau or the online tax service hall to complete the filling and verification of the external payment filing information, realize the big connection of the external payment filing business, effectively save the costs of enterprises, taxes, banks and foreign exchange, and achieve multi win.

The person in charge said that in order to meet the needs of some taxpayers for on-site business handling and consultation, all regions will continue to reserve "one window" processing channels in the tax service hall to provide convenience for taxpayers in all aspects.

It is reported that, as an important part of the measures taken by the State Council to promote cross-border trade and investment facilitation, more than 60000 enterprises across the country will benefit from the full online electronic filing of foreign payment tax for services trade and other projects. In the next step, the tax department and the foreign exchange management department will continue to strengthen cooperation, further improve the system functions, continuously optimize the business environment, and continuously improve the trade and investment convenience. (Reporter Yu Qiongyuan)