State Taxation Administration of China: Encourages banks and tax authorities to use blockchain, privacy computing, and other technologies to innovate the "Bank-Tax Interaction" model

BlockBeats message, April 5—Recently, China’s State Taxation Administration and the National Financial Regulatory Administration jointly issued the “Notice on Further Deepening and Standardizing ‘Bank-Tax Interaction’ Work.” It stated that efforts should be made to deepen the application of bank-tax data. Standardize the content and methods of providing bank-tax data, and further address the information asymmetry problems between banks, taxes, and enterprises. Encourage both banking and tax parties in each region to use technologies such as blockchain and privacy computing to carry out compliant and lawful innovation in “bank-tax interaction” model(s). Banks continue to optimize credit services and increase the supply of financing services for enterprises that pay taxes in good faith, while also continuously monitoring the effectiveness of “bank-tax interaction” loan models to improve risk management capabilities.