Beijing citizens can now pay their rental income tax using digital RMB at the entrusted tax collection point for rental houses in the capital.
This marks the first time digital RMB payments can be used on entrusted tax collection handled by the Beijing Municipal Tax Service, marking the launch of the digital RMB tax payment method in Beijing. Payees can also receive value-added tax invoices following transactions.
The digital RMB is a legal digital currency. Issued by the People's Bank of China, the currency is accepted at all POS terminals as well as other digital RMB-equipped venues. The currency is the digital equivalent of paper banknotes and coins, and no unit or individual can refuse to accept it.
"Previously, the tax payment channels for individuals applying for the entrusted collection of rental income included UnionPay credit card, WeChat, Alipay, and paper cash. Digital RMB, as a supplement to the existing tax payment channels, can bring more convenience for taxpayers to handle related matters," said Sun Jinyi, deputy chief of the Collection Management Section of the Tax Service of Dongcheng District.
Mr. Yang, the first taxpayer in the city to use digital RMB to handle the entrusted collection of personal rental income, said the new method was very convenient, and because it doesn't require the payee to carry their bank card, it allows payees to transact safely in the knowledge that their payment records won't be obtained by a third party.
"After citizens have installed the e-CNY (digital RMB) wallet app, they can make payments without bounding bank accounts," explained Li Yichao, chief accountant of the Tax Service of Dongcheng District. He introduced how taxpayers can use digital RMB to pay taxes through a variety of methods such as scanning or touch, which are safer and more flexible.
The tax authorities believe that the use of digital RMB to pay taxes can help ensure the timeliness of payments and settlements, which is conducive to creating a smart taxation system and a better business environment.
