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“Bank-Taxation Interaction” Helps Enterprise Resume Production

Shanghai Elephant King Laundry Co., Ltd (simplified as Elephant King thereafter) was founded in 1979. The company entered the market of Shanghai in 1999. As one of the earliest laundry companies in China advocating and practicing the concept of franchising, Elephant King has established over 1,000 franchising stores in over 20 provinces, cities, autonomous regions in China and the Asian-Pacific region.


When the COVID-19 epidemic broke out, the company, as a company with 30 years of history, also fell into trouble. In February 2020, all of the companys 187 stores in Shanghai suspended operation. All laundry equipment stopped. The company has no income, but has to pay a large amount of expense. The rents for all stores and the salaries for employees are a large amount of expense for us, and we need to pay these expenses on time. The operating conditions in the future are unpredictable. We faced with unprecedented pressure in capital chain, said Sheng, the companys finance manager.


In early March, when Sheng didnt know how to collect funds, he viewed a column titled bank-taxation interaction on the WeChat official account of Shanghai Changning District Administration of Taxation under the State Administration of Taxation. He quickly contacted with the taxation administration of Changning District. The taxation administration, after knowing the financing problem the company faced with, arranged staffs to contact with the company and helped the company get information related to tax, such as tax credit, and taught the company how to select financial products and apply for loans on the bank-taxation interactive platform.


To solve the problem of asymmetric information between banks and enterprises and help micro, small, and medium-sized enterprises solve financing problems, we transformed enterprises tax-paying credit into financing credit, selected enterprises conforming to application requirements through tax big data and sent links and information they needed on the bank-taxation interactive information service platform, and thus helped enterprises resume production and business operation, said an official in charge of taxation service in Changning District Administration of Taxation.


Statistics showed that by the end of April, 236 enterprises in Changning submitted loan applications to the bank-taxation interactive information service platform of Shanghai based on their results of tax-paying credit grade. A total of 45 enterprises obtained line of credit, and the total line of credit exceeded RMB 68.57 million.


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