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China Initiates Beijing-based Blockchain Invoicing Implementation For Transparency

| 04-Th3-2020
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The Beijing tax department has reportedly revealed that it will initiate blockchain invoicing implementation, throughout the city, starting March 2nd. 

Specifically, China, and Beijing in particular, has a primary goal to apply blockchain’s distinctive features – including transparency, traceability and immutability – to its governmental structure in the future, via the blockchain invoicing project. 

“To reduce taxpayers operating costs, save social resources, increase consumer convenience for saving invoices and build a healthy and fair tax environment […]The tax bureau of Beijing has decided to pilot the application of blockchain electronic general invoice”

The Beijing blockchain invoice comes with some distinctive attributes, including a 12-digit code, and 8 digits in the invoice number. 

The tax department of the city also recommended people to deliberately run authenticity check of their invoices, via going onto their official web page and verify, or through the legally accepted Ruihong website. 

“The information recorded in the electronic common invoices shall be consistent with the results obtained on the website […] Consumers have the right to reject electronic invoices with inconsistent results, and can call the tax service hotline 12366 of the Beijing tax bureau to report.”

The advertisements for this blockchain invoicing service will be conducted across Beijing, through time. Invoices for parking and tickets for scenic spots and parks will be the first steps of the plan, and other sectors will be included in the future.

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