Saturday, February 24, 2024
Blockchain

Massive Online Transition for Tax and Fee Business in China, Digital Yuan Payment in Pilot Use

Shen Xinguo, Director of the Taxpayer Services Division of the State Administration of Taxation, announced that 96% of tax matters and 99% of tax declarations in China can now be handled online, marking a significant move towards digitalization in the country’s financial sector. This impressive transition indicates a steadfast commitment towards digitalization and providing more efficient and accessible services for taxpayers.

Furthermore, the proportion of social security payments handled online or via mobile applications has exceeded 95% nationwide. This seamless integration of technology into the daily operations of taxpayers has allowed for a more streamlined and efficient process.

In addition to these measures, a pilot program for tax and fee payments using digital yuan – the Chinese version of Central Bank Digital Currency (CBDC) – has been implemented. This year alone, there were 12,000 transactions totalling 25.9 billion yuan made using the digital currency.

In terms of innovation in interactive tax collection and payment services, the Division is leading the way. With the use of intelligent responses and three-way video calls, they have been able to assist taxpayers in resolving issues related to online tax filing and payment. To date, these interactive services have been provided 1.48 million times this year.

This transition to digital platforms for tax-related matters underscores China’s push for digital transformation and enhanced user experience for taxpayers. By leveraging technology, the country is moving towards a more streamlined and efficient tax system. The implementation of the digital yuan for tax payments in a pilot program also signals China’s continued exploration and utilization of digital currencies, particularly CBDCs, in its financial ecosystem.

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