Overview
The Funds Custody Service for Tax Authorities is a custody service provided by ABC to tax authorities. The primary tax authority opens special accounts with ABC for the receiving and payment of custody funds. The superior tax authority can access real-time inquiry and monitoring of the account of the primary tax authority.
The custody funds of tax authorities include tax payment security deposit, invoice security deposit, tax payment guarantee deposit, tax preservation funds, and auction and sales revenue collected by the tax authorities (for both local taxation and state taxation purposes) from the tax payers and/or other relevant parties in order to enforce the taxation duties in accordance with the relevant laws, regulations, rules, and provisions.
Features
ABC has developed a funds custody inquiry system for tax authorities based on the cash management platform for the MOF, the State Administration of Taxation, and the national taxation sector. The superior tax authorities are able to compile statistics and obtain tailored financial reports for custody funds.
Procedures
1.The primary tax authority opens a special account with an ABC outlet exclusively for the receiving and payment of custody funds.
2.The offering of the funds custody inquiry system is based on the cash management platform for superior tax authorities:
• ABC outlets open virtualized inquiry accounts unavailable for financial transactions but that can only be used for inquiry by superior tax authorities.
• ABC provides customer terminals for superior tax authorities
3.ABC will provide the USB-KEY, install the customer terminal, and provide follow-up supports.
4.To apply for operator certificates in the inquiry system, the superior tax authority should complete the Application Form for Operator Certificate of ABC Funds Custody Inquiry System and provide a copy of the operator’s identity certificate.
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