Zhejiang Province Launches Digital Renminbi Tax Payments Across Multiple Cities






The affluent coastal province of Zhejiang has launched trials for the use of the digital renminbi to make tax and government fee payments across multiple cities.

Since April Zhejiang province cities including Hangzhou, Shaoxing, Wenzhou and Jinhua have launched trials for making payments of income tax, stamp duties and social insurance fees in the digital renminbi, according to a report from state-owned media.

The Zhejiang province tax authorities as well as the Hangzhou branch of the Chinese central bank first began to explore the use of the digital renminbi for tax and fee payments in March.

Chinese banks participating in the trials include ICBC, Bank of Communications and China Construction Bank.

“As a new payments method, the digital renminbi will become an effective supplement to existing channels for tax and fee payments,” said an official from the Zhejiang province tax authorities.










Source link

Leave a Reply

Your email address will not be published. Required fields are marked *