eBaoTech Develops Vehicle and Shipping Vessel Tax Collection Solutions for Beijing and Shanghai, China
eBaoTech, a leading provider of new generation software and services for the life and general insurance industries, is pleased to announce that the software solutions developed for Beijing and Shanghai’s municipal vehicle and shipping vessel tax collection are now operational. After validation from municipal tax regulators, the systems received the approval to go live at midnight on January 1, 2012 and are running smoothly.
The need for these solutions arose out of China’s recently enacted Vehicle and Shipping Vessel Tax Laws, released by the State Council of China. eBaoTech was selected to develop these tax collection software solutions because of its insurance software expertise and its knowledge of the China Insurance Regulatory Commission (CIRC) insurance industry platforms in both Beijing and Shanghai.
The Beijing Vehicle and Shipping Vessel Tax Collection functionality was integrated into the existing car insurance platform to streamline and centrally manage the tax and insurance authorities’ collection processes and records. This new system enabled Beijing’s local tax bureau to implement the new vehicle and shipping vessel tax regulations in an efficient and timely manner. It also allows vehicle and shipping vessel owners to pay their insurance and tax at the same time, simplifying the payment process for all parties involved.
The Shanghai Vehicle and Shipping Vessel Tax Collection system project was driven by the Shanghai Insurance Association. The development team from eBaoTech integrated the new vehicle and shipping vessel tax collection functionality into the existing Shanghai vehicle and shipping vessel insurance platform to comply with the new China Vehicle and Vessel Local Tax Law. A key project goal was to have one platform capable of handling both vehicle and shipping vessel insurance and tax payments, simplifying record-keeping and payment procedures for taxpayers, the Shanghai Insurance Association and Shanghai tax authorities.
With the cooperation and support of the related government bureaus and associations in Beijing and Shanghai, the eBaoTech team upgraded the existing information systems in three short months, while coordinating with all insurance companies in these two regions. The project results were highly recognized by the Shanghai Insurance Association, Beijing Insurance Association, Beijing local tax bureau and other government offices. The government bureaus and associations gave high marks to the implementation and consulting teams from eBaoTech for their professional knowledge and project management.
Shanghai and Beijing are the first to adopt this methodology of using the insurance payment system to collect vehicle and shipping vessel taxes. Relevant bureaus and regulators in other regions in China are evaluating the project implementation while assessing their tax compliance needs. The projects completed by eBaoTech in Shanghai and Beijing are a good reference model of how to standardize insurance operations at the national level, and how the insurance industry and tax bureaus can collaborate to improve operations.
eBaoTech delivers standards-based, highly configurable insurance software suites to both property and casualty (P&C) and life insurers. Its product offerings enable insurers to realize cost-effective, scalable, flexible and highly automated insurance operations in an ever-changing environment. With offices in ten countries across Europe, Asia and the Americas, and installations in more than 20 countries, eBaoTech has extensive global presence to serve leading insurance companies. For more information, visit ebaotech.com.
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