🔥The State Taxation Administration encourages the use of blockchain, privacy computing, and other technologies to deepen the innovation of the "Bank-Tax Interaction" model

On April 5th, the State Taxation Administration of China and the China Banking and Insurance Regulatory Commission jointly issued the "Notice on Further Deepening and Standardizing the 'Bank-Tax Interaction' Work." The notice emphasizes deepening the application of bank-tax data, standardizing data provision content and methods to alleviate information asymmetry between banks, tax authorities, and enterprises. It encourages regional bank-tax parties to utilize blockchain, privacy computing, and other technologies to lawfully and compliantly innovate the "Bank-Tax Interaction" model. Banks need to optimize credit services, increase financing supply to honest taxpayers, continuously monitor the effectiveness of loan models, and improve risk management levels.