TENCENT IN PARTNERSHIP WITH THE SHENZHEN NATIONAL TAXATION BUREAU SEEKS TO USE THE BLOCKCHAIN TO TACKLE TAX EVASION.

TENCENT IN PARTNERSHIP WITH THE SHENZHEN NATIONAL TAXATION BUREAU SEEKS TO USE THE BLOCKCHAIN TO TACKLE TAX EVASION.

According to a release on Thursday 24th of may 2018, Chinese internet giant Tencent has partnered with the tax authority of the city of Shenzen by mutually setting up an “Intelligent Tax” innovation lab bringing innovation to the tax collection process.

Ma Huateng, Tencent’s CEO and Chairman of the board for the Intelligent Tax lab stated that they are already developing a new blockchain-based digital invoice which is “a legally valid digital receipt that serves as proof of purchase for goods and services. The blockchain-based solution will be the first product incubated at the lab”.

The deputy director of the state’s taxation bureau Li Wei stated: “We will promote tax modernization, optimize the taxation and business environment, and help improve Shenzhen’s economic quality.” He also stated that the main characteristics of the digital invoice includes complete traceability and data security to help fight fake invoices and “improve the invoice supervision process.”

According to the release, this is significantly the nation’s first research into blockchain implementation for invoicing. The product will be available on Tencent’s blockchain platform.

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