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China’s State Administration of Taxation Lists 6 Key Points in Blockchain Adoption

December 19, China Tax, the official website of the State Administration of Taxation, launched a report on the blockchain technology application in China’s tax payment management system.

The report titled Blockchain Technology Application in Promoting Tax Payment Management in China mainly discusses and the feasibility and difficulties in using blockchain technology to solve problems for the current tax payment credit management in China, based on analysis of various researches of blockchain usage in tax payment credit scenario at home and abroad.

According to the report, six key points have been listed that may promote the blockchain application in tax payment management system:

First of all, paying attention to the top-level design, meanwhile improve tax payment credit laws.

Secondly, building a tax fee-related big data platform in order to provide big data support for credit evaluation and management.

Thirdly, implementing a full coverage credit management, and using relevant policies to improve credit evaluation mechanism and result.

Fourthly, using the smart contract and incentive mechanism of blockchain to build a dynamic tax payment credit evaluation and management mechanism.

fifthly, improving the tax payment credit publicity system by adopting the private key technology of blockchain.

Finally, improving the tax payment joint incentive and a mechanism and disciplinary mechanism by adopting blockchain and big data technology.

China is eyeing blockchain in improving the efficiency of government administration. The tax sector has also put a lot of efforts into blockchain development.

Earlier this month, the Shenzhen Municipal Taxation Bureau and Chinese tech giant Tencent have successfully connected the blockchain invoice system with the WeChat payment platform, the largest social media platform in China the operated by Tencent. Since then, WeChat has opened its payment platform for the blockchain invoice function.

In the future, Chinese tax authority will make more substantial explorations on blockchain technology based on the actual needs of the taxpayers to further optimize the tax payment environment.

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