China is an industrious and technology-based country that is using technology to expand its services and ensure everyone has access to government services. But among the many provinces, Guangdong is spearheading the implementation of blockchain in many ways. And now through blockchain residents of Guangdong will have access to their tax invoices electronically. Mark you Guangdong is the most populous province in China.
At the centre of the new development is Guangdong Municipal Taxation Bureau. Although the new platform is still in its infancy stages implementation of the platform in Guangdong will enable Guangdong Municipal Taxation Bureau to explore its usage. Furthermore, the invoice tax platform will allow the taxman to get rid of the paper-based system with its target being merchants and customers. Apart from revamping the old system in place, the blockchain based invoice platform will also help improve transparency in the tax system. Similarly, the taxpayer’s data will be kept efficiently and properly.
State Agencies to Benefit from the New Platform
While the taxpayers are the primary target group, several agencies stand to gain from the invoice based tax platform. Through the new blockchain tax platform, data sharing between key players the likes of invoice providers, tax authorities among others will be immediate and efficient. Furthermore, blockchain technology will ensure the agencies together with the taxpayers are in one ecosystem. And through that tax authorities will be inching closer to their goal of implementing technology reforms in their sector to improve their service delivery systems.
Other Developments Taking Place in Guangdong
Besides this recent launch, there was another launch in Shenzhen in Guangdong involving the launching of tax invoice platform based on blockchain technology. In the Shenzhen case, the blockchain platform was inbuilt in WeChat a social media chatting platform to facilitate taxpayers to receive their tax invoices. The blockchain invoice platform was launched in December 2018. Apart from spearheading in the implementation of blockchain technology Guangdong is also the centre of an alliance bringing together 54 firms to working together. As the first-ever national economic development zone, Guangdong now houses the blockchain alliance. The companies in the alliance have come together to explore the opportunities brought about by blockchain. Through their partnership, they will be doing research on uses of blockchain in the trading sector, finance and funds. As the developments in the industry keep going on Guangdong is playing a key role in its development.