China launches real-time customs tax deduction via digital RMB

(ECNS) -- A company from Guangdong Province successfully used digital RMB to pay import tariff of 8880.76 yuan (about $1225.98) and import value-added tax of 24244.48 yuan on Friday for the first time relying on the real-time customs tax deduction function of China’s Treasury Information Process System (TIPS).

It marks the adoption of the mode of digital RMB plus real-time customs tax deduction of TIPS in China.

In the first half of 2023, the Guangzhou Branch of the People's Bank of China (PBOC) has ordered treasury departments under its jurisdiction to explore the realization of enterprises paying customs taxes by digital RMB through TIPS Customs Bank.

Enterprises can open their digital RMB corporate wallets and complete the customs tax declaration online, and then obtain the paper payment form from customs by which they can pay their taxes at the bank counter.

Next, the use of digital RMB will be further expanded to more national treasury businesses, said the Guangzhou Branch of PBOC.