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Briefing
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- Blockchain Tax Invoicing – Chinese technology company Tencent partnered with Shenzhen Municipal Taxation Bureau to develop and deploy blockchain-based invoicing system for paying taxes from consumer purchases and transactions within city
- Ecosystem Adoption – Blockchain has since been used by consumers, tax authorities, and merchants including parking lots, auto repair shops, restaurants, banks, supermarkets and hospitality companies
- How It Works – Customer completes payment or transaction via WeChat where invoice is generated, which then becomes eligible for inspection by tax officials
- Streamlined Process – Enables customer to manage payment, invoicing, filing, processing and receiving returns with one click on WeChat app, while tracking reimbursement status in real time
- Benefits – Include immutability, transparency, elimination of overreporting and false reporting of invoices and taxes, cost effectiveness, and data privacy through encryption
- Six Million Invoices – As of August 6, 2019, system has processed six million invoices with total face value of RMB 3.9 billion ($554 million) across 113 sectors
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Accelerator
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Market Disruption
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Business Model and Practices
Business Model
and Practices
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Sector
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Accommodation and Travel, Financial Services, Government (excluding military), Wholesale and Retail Trade
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Function
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Accounting and Finance
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Organization
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Shenzhen Municipal Taxation Bureau, Tencent Holdings Ltd.
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Source
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Original Publication Date
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August 6, 2019
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