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Tencent Collaborates With China's Taxation Bureau To Fight Tax Evasion By Utilising Blockchain Technology

May 25, 2018 Posted /  2137 Views

Tencent Collaborates With China's Taxation Bureau To Fight Tax Evasion By Utilising Blockchain Technology

Tencent, a major internet firm based in China has collaborated with the authority of tax in the city of Shenzhen to utilise blockchain technology in the battle against tax evasion.

It was recently declared that the Shenzhen National Taxation Bureau and Tencent have mutually created an intelligent tax innovation lab, which plans to advance technological development around taxation procedures.

According to a statement, the lab will merge conceptual research with early innovations, for example, artificial intelligence, blockchain, cloud computing and big data for the management of tax and electronic invoice application.

As per Ma Huateng, CEO of Tencent and chairman of the board, the intelligent tax lab is currently working on another digital receipt which will be built on blockchain technology, a legally  substantial digital receipt that fills in as evidence of purchase for goods and services. He added, the blockchain related solution will be the primary product brooded at the lab.

The statement adds, the product will be formed on the blockchain platform of Tencent, which was declared in April and is allegedly the country's first research into the utilisation of blockchain for an invoice process.

Deputy director of the Shenzhen Municipal Bureau of State Taxation, Li Wei stated that the key highlights of the digital receipt incorporates complete tracking and security of information, that will support to successfully fight counterfeit invoices and enhance the invoice control procedure.

Adding further, Li Wei stated:

"We will promote tax modernization, optimize the taxation and business environment, and help improve Shenzhen's economic quality."


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Tags: China blockchain technology Shenzhen National Taxation digital receipt digital currency Ma Huateng blockchain

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