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Beijing implements blockchain invoicing

Tuesday 10 March 2020 10:39 CET | News

Beijing has announced that it will implement blockchain invoicing as it seeks to enhance transparency for its tax payers.

In an announcement by its tax bureau, the city stated that the use of blockchain will also allow it to reduce costs and make it easier for the tax payers to authenticate the invoices.

It will cover VAT special invoices and the ordinary VAT invoices, including unified invoices for motor vehicle sales, the bureau revealed. The invoice code will be 12 digits, with an eight-digit invoice number.

The bureau advised the tax payers to verify the authenticity of the invoices through its official website.

The blockchain invoicing will be implemented gradually, starting off with general invoices for parking tickets in the pilot. It will eventually incorporate the other sectors after the initial pilot phase. For the consumers, it will be easy to issue, with one only requiring a computer or a phone with an Internet connection.

The project is part of China’s bid to implement blockchain technology in governance. 


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Keywords: Beijing, blockchain, invoicing
Categories: Banking & Fintech
Companies:
Countries: China
This article is part of category

Banking & Fintech