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.
Could China’s tax opening yield new era for bank rationalisation?
By Daniel Flatt
Nov 12, 2013
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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).

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