China’s capital is aiming at bringing transparency, immutability and traceability of governance through blockchain invoicing. The tax bureau of Beijing said it would begin implementing the system around the city this March. In the announcement, authorities said:
To reduce taxpayers operating costs, save social resources, increase consumer convenience for saving invoices and build a healthy and fair tax environment […]The tax bureau of Beijing has decided to pilot the application of blockchain electronic general invoice”
The invoice will have several specific features that will help process up to 12 digit figures. In addition to an 8 digit numbering slot for the invoice. Moreover, the tax bureau is also motivating consumer behaviour towards checking the authenticity of invoices and verifying their details.
You May Also Read: China Confirms It Doesn’t Want Blockchain For All Payments
Beijing Tax Bureau Website will Help in Verification
This initiative will be possible through the bureau’s official website and another authorized site of Ruihong. The announcement said:
The information recorded in the electronic common invoices shall be consistent with the results obtained on the website […] Consumers have the right to reject electronic invoices with inconsistent results..”
Meanwhile, the Beijing tax bureau is planning to execute its invoicing blockchain and promote it throughout the capital. In fact, the bureau will grant general invoices for tickets and parking in scenic parking lots, parks and spots. Nonetheless, the pilot project will widen its scope with time and later accommodate more industries.
Shenzhen Leads with Blockchain-based Invoices
It is interesting to note that Beijing is the world’s first city to implement a blockchain initiative. A previous blockchain report previously outlined that Shenzhen had processed over 10 million blockchain invoices by the end of 2019.
Shenzhen is the leading tech capital in China and over 7,600 corporations are using blockchain. The system has processed over $7 billion yuan ( approximately $955) on the system.
Articles That Might Interest You: