Chinese tax authorities are piloting “blockchain” invoices

Liu Lei, vice president and secretary-general of the China International Tax Research Association, introduced in Hangzhou on the 8th, in August 2018, the Shenzhen tax authorities issued the country’s first blockchain electronic invoice, is currently in the qianhai pilot comprehensive promotion, from January next year will achieve “full coverage” of electronic invoices, the use of blockchain electronic invoices for enterprises based on the actual unlimited invoice supply. China is a global pioneer in the application of “blockchain plus tax”.

中国税务机关正在试点“区块链”发票

On the same day, the China International Tax Research Association and the Center for Global Tax Policy Research of the Vienna University of Economics jointly organized the “International Symposium on the Application of Blockchain Technology to Tax Administration” in Hangzhou.

Li Wei, deputy director of the Shenzhen Municipal Tax Bureau of the State Administration of Taxation, shared the results of the use of blockchain invoices in Shenzhen at the seminar. He said that blockchain technology broke through the traditional invoice to the client, tax control equipment requirements, no longer on the amount of tickets, the amount of tickets to limit, more effectively avoid the risk of false invoicing, false invoices, one ticket overstatement, false false credit, so that invoices return to the source of commercial activity vouchers. At present, the pilot has issued 10 million blockchain invoices, Tencent, Ping An, Vanke, Subway and other enterprises have become blockchain invoice users, saving enterprise time and labor costs, financial management is more convenient, enterprises have received real benefits.

Wang Li, an adviser to the China International Tax Research Association, said he would work with domestic and foreign experts to strengthen cooperation, apply blockchain technology to tax governance, and accelerate the modernization of the tax governance system and tax capacity.

At the seminar, Jeffrey Owens, director of the Center for Global Tax Policy Studies at the University of Economics vienna, said blockchain technology played a major role in tax collection and administration. Chris Sanger, EY’s head of global government and risk taxation, described the global application of blockchain technology and said the application and experiment of Chinese taxinth in blockchain data is of sample significance.

The companies participating in the seminar expressed the hope that blockchain will be the breakthrough of independent innovation of enterprise core technology. Zhang Wei, a professor at Jilin University of Finance and Economics, suggests building a management platform based on blockchain technology, using blockchain technology to support the simplification and optimization of business management, so that the management elements are accurate.

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