China State Taxation Administration: Encouraging local tax and banking authorities to innovate the "Tax-Bank Interaction" model using blockchain, privacy computing, and other technologies

BlockBeats News, April 5th, Recently, the State Administration of Taxation of China and the China Banking and Insurance Regulatory Commission jointly issued the “Notice on Further Deepening and Standardizing the ‘Bank-Tax Interaction’ Work,” which pointed out that the application of bank-tax data should be deepened. Standardize the content and delivery method of bank-tax data provision to further address the issue of information asymmetry between banks and tax authorities. Encourage banks and tax authorities in various regions to use technologies such as blockchain and privacy computing to innovate the “Bank-Tax Interaction” model in compliance with laws and regulations. Banks will continue to optimize credit services, increase the provision of financing services to honest taxpayers, and continuously monitor the effectiveness of the “Bank-Tax Interaction” loan model to enhance risk management.