HSBC China with new tax payment service

First of its kind among all foreign banks in Shanghai.

HSBC Bank China completed its first electronic tax payment for a corporate client in the city. The service is designed to deduct funds in real time and enables customers to help users pay state and local taxes and other charges such as VAT, business and corporate income taxes, personal income tax and stamp duties.

HSBC plans to extend the service to Beijing, Tianjin, Xiamen, Chengdu and Chongqing across China by the end of the year.

HSBC China also introduced an electronic payment system that enables companies to submit cross-border payment documents electronically through HSBCnet without having to present paper documents.

The service is designed to help companies centralize and standardize all cross-border payments by submitting paperless instructions and documents through a shared services center for review and processing by HSBC.