Business

Dennis Wafula

China’s Guangdong gets blockchain-based tax invoice for e-commerce

The Guangdong Municipal Taxation Bureau announced its intents to implement an electronic invoice platform for the e-commerce industry based on the blockchain.

According to reports by a local news outlet, the South News Network, this is the first blockchain electronic invoice service for customers and merchants in the region. However, it’s already available on the Bitcoin SV chain. This service will help consumers to view their tax invoice electronically.

This new service is intended to help taxation authorities to improve the transparency and efficiency of the invoice services and publication underlines.

The publication explains that once the consumer places an order, the platform automatically opens the blockchain electronic invoice depending on the items purchased by the customer. The customer then views the invoice in real time. Once the consumer confirms the receipt, it is officially downloaded and saved on the platform.

The article further states:

“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers, and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”

Reportedly, the service is still at its early stages with creators hoping to make a system that will meet the needs of the large-scale economic field. Currently, the Guangdong Provincial Taxation Department has selected merchants from Huangpu District (Development Zone), Panyu District, Nansha District of Guangzhou and Baiyun District to take part in the pilot stage of the project.

Last year, Shenzhen of the Guangdong province announced its decision to use blockchain technology to issue electronic tax income system. This system, however, was connected to the WeChat payment platform. The system was also aimed at lowering the cost and efforts required by tax authorities. Li Wei, deputy director of the Shenzhen Municipal Bureau of State Taxation, stated:

“In the future, the Shenzhen National Taxation Bureau will continue to advance on the ‘Internet + tax’ road. We will promote tax modernization, optimize the taxation and business environment, and help improve Shenzhen’s economic quality.”

At the same time, Guangzhou, the capital of Guangdong Province was chosen to be the headquarters of a new blockchain alliance in the country. This alliance of 54 companies sought to investigate the use of blockchain technology in funds, trading, financing, and related fields.

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