Shenzhen authorities and Tencent launch blockchain platform to fight off tax evasion

25 May 2018

Tencent Tencent announced the partnership with the tax authority of Shenzhen, a city in Southeastern China, over the launch of a blockchain technology aimed at combating the tax evasion and illegal acquisition of income across the city.

An announcement was made this week that the Shenzhen National Taxation Bureau and Tencent will join forces to create ‘Intelligent Tax’ innovation laboratory, which will be advocating the technological advancement in the sphere of taxation.

The laboratory will be involved in the theoretical studies associated with such emerging technologies as cloud computing, artificial intelligence, blockchain and Big Data in the context of their applicability in the taxation and electronic invoice management.

At the moment, the Intelligent Tax laboratory is already engaged into the project to create a new model of digital invoices on the basis of the blockchain technology, which will be used as a legal receipt accepted as a proof of purchase for goods and services. It will be the first blockchain solution developed by the new laboratory.

Li Wei, deputy director of the Shenzhen Municipal Bureau of State Taxation, noted that the new platform will have such features as complete traceability and data protection enabling authorities to efficiently oppose the fake invoices, which are very common in the city, while bringing innovation into the invoice management process.

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