Service process of HSBC E-Tax
ABC is a Shenzhen-based company with subsidiaries in Guangzhou and Dongguan. The company’s head office and its subsidiaries used to pay taxes from their respective accounts to their local tax authorities, thus causing considerable inconveniences and unnecessary delays to the company’s financial management. The head office had always wanted to be able to allocate and utilize its liquidity with a centralized system in order to make more efficient use of its capital. However, with the company growing in size, its subsidiaries gradually came along and became profitable. As a result, tax management emerged as a real headache for the company’s finance department at the head office. Recently, through its daily communication with HSBC, the company learned about the bank’s E-Tax solution (details provided below), which turns out to be a perfect fit for the company’s geographic coverage and financial needs. Since its adoption of E-Tax across its nationwide subsidiary network, financial management has become easier for the company’s head office while its accounts have become more structured.
In October 2013, HSBC China started to offer E-Tax service to its corporate clients. The service, based on TIPS ( Treasury Information Processing System, which covers the PBOC, tax bureaus and commercial banks ), is designed to enable automatic transmission of electronic tax payment messages and instructions that drives higher efficiency across multiple steps including tax payment, fund transfer and payment to the treasury and thus makes tax payment much easier for its clients.
As of now, HSBC China has launched E-Tax in 45 cities, namely Shanghai, Beijing, Xiamen, Taiyuan, Xi’an, Wuhan, Chengdu, Wuxi, Chongqing, Dalian, Kunming, Nantong, Tangshan, Harbin, Changsha, Tianjin, Yangzhou, Nanchang, Hefei, Changchun, Nanjing, Shenyang, Zhuhai, Zhengzhou, Ningbo, Fuzhou, Jinan, Hanzghou, Qingdao, Shaoguan, Zhaoqing, Jiangmen, Huizhou, Shantou, Nanning, Chaozhou, Yangjiang, Foshan, Suzhou, Zhanjiang, Dongguan, Zhongshan, Shenzhen and , Guangzhou and Shijiazhuang.
HSBC China will continue to provide its corporate clients with comprehensive and robust cash management services.