Beijing, Jan. 17 (Xinhua (Wu Yu, Chen Jiayuan) The People´s Bank of China, the Ministry of Finance and the State Administration of Taxation recently issued a joint document to further regulate the cross-border tax payment and return business, improve the efficiency of budget funds collection and storage, and improve the convenience of cross-border tax payment.

According to reports, in response to the trend of increasing demand for cross-border tax payment using RMB in recent years, the three departments jointly issued the Notice on Matters Related to the Management of Cross-border Tax Payment and Return Business, expanding the scope of cross-border tax payment and return business collected by the tax authorities to tax, non-tax income, social insurance premiums and other taxes. And the corresponding tax and non-tax revenue return business.

The notice clarifies the business process, account usage methods, information declaration requirements, etc. of cross-border tax payment and return under different methods, and improves the institutional basis for the cross-border tax payment and return business of various currencies, including RMB.

The notice requires that the national Treasury, which receives cross-border foreign currency taxes and fees, shall be qualified for foreign exchange settlement and sale; The banking financial institutions of the Treasury collection office where the cross-border RMB tax and fee payment business is located shall have the ability to carry out cross-border RMB settlement business.

The three departments said that in the next step, the People´s Bank of China, the Ministry of Finance and the State Administration of Taxation will guide the coordination of various regions to effectively ensure the safety of cross-border tax and fee funds, timely payment and return to the Treasury, and constantly improve the quality and efficiency of services. (Source: Xinhuanet)