Guangdong Province In China To Use Blockchain-Based Tax Payment Platform

The Chinese province Guangdong, more specifically the Municipal Taxation Bureau of the province announced that they are considering the implementation of an electronic invoice platform that will be blockchain-based mainly for the e-commerce industry according to the blockchain news media outlet Southern News Network reported today.

The Guangdong Province in China is one of the most densely populated regions in the country and opening a blockchain-based electronic tax service is a huge opportunity for the merchants and customers that aim to extend their experience for the larger level of e-commerce field.

The blockchain-based electronic invoice platform will allow for the taxation authority to improve the efficiency and transparency of all the invoice services according to the published press release. The Southern News Network wrote:

 “Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”

Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform.

Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading.

Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.