Beijing Municipal Tax Services Reveals Trial of Blockchain Invoicing In China
A current Beijing Municipal Tax Services statement unveils that blockchain invoicing in China is set to be trialed in the city of Beijing. The tool was first examined in China’s technology hub, Shenzhen.
As per the announcement, the system will launch a city-based pilot for the blockchain invoicing platform. Nevertheless, the municipal taxation authority declared that it would incrementally enlarge blockchain invoicing to all local parks and car parks in the province of Beijing city.
The tax authorities intend to decrease complexity in paperless invoicing and make the taxation experience more convenient and efficient.
Blockchain invoicing in China to combat fraud
Also, the Chinese tax authorities plan to utilize the tool to combat the deceitful underground invoice market. Some cryptocurrency users have been using the underground market to gain fraudulent fake receipts to victimize their employers, escape taxes, and even reclaim repayment of adulterated expenditures.
As per the report, the electronic blockchain invoicing tool employs smart contracts and encryption algorithms to manage the rollout, transmission, repository, protection, and anti-counterfeiting measures of the invoices. The system has document monitoring abilities for invoices and is immune to the remodeling of data. This guarantees that once information has been recorded, it cannot be modified from the facts.
Going forward, the users of the system will only require to have a personal computer or a mobile phone to communicate with it. The operational cost of running the blockchain invoicing in China is relatively low, which will sustain a healthy and honest taxation relationship between the authorities and the taxpayers.
No private collaborations for tests in Beijing
Blockchain invoicing in China initially started in Shenzhen city back in 2019, accompanying the lead on China’s digital bank cryptocurrency. As per the reports, the technology city spread out over 10,000 blockchains pegged invoices, and more than 7,600 firms have it.
Nonetheless, the Beijing edition of the analysis does not include any private companies according to the declaration. The blockchain invoicing was developed in Shenzhen in association with the developers of messaging app We Chat, Tencent.
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