Could China’s tax opening yield new era for bank rationalisation?

HSBC was granted the power to make tax payments on behalf of its clients in Shanghai - the first foreign bank to receive it. The news could reduce the need for international companies to open accounts with local banks purely for tax reasons.

By Daniel Flatt

Nov 12, 2013

linkedin facebook twitter

In August of this year HSBC bank received local approval in Shanghai allowing it to join the country’s national electronic tax system, or TIPS (treasury information processing system).

Sign-in to access CorporateTreasurer content.

Please sign in to your subscription to unlock full access to our premium CT resources.

Free Registration & 7-Day Trial

Note: This free trial is a one-time offer. You are eligible for one free trial per year.

If you are a treasurer, CFO or senior finance professional at a corporate, please register to the website here.

Questions?

If you have any enquiries or would like a quote for a team or company licence, please contact us at [email protected]. Our subscription team will be happy to assist you.

Banks & Service Providers Risk & Compliance Funding & Investment Treasury