WeChat Eyes Blockchain for Faster Refunds of Company Expenses
(Source: coindesk.com)

clicks | 10 months ago | comments: discuss | tags: cryptocurrency

Article preview (bot search)

(Original link: coindesk.com)

In order to do that, employees need to have the merchant manually type in the taxpayer number on the receipt in every instance. Furthermore, that process is typically followed by additional manual tasks, such as collecting receipts and filing a claim before they can receive a refund.
The first batch of merchants to have integrated the system for the trial also include a parking lot at Shenzhen’s Bao’An Stadium, an automobile repair center and a restaurant owned by Tencent.
Tackling a related issue in a different project, Tencent has also partnered with the Shenzhen government to battle tax evasion.
In China, merchants are required to purchase a number of receipts – known as fapiao – from the authorities to act as advance tax payments prior to any sales. As they issue receipts to customers, merchants must calculate the difference between the prepaid amount and the actual tax arising from sales to provide a basis for the next round of tax payments. However, falsified receipts are common in China as a means of tax evasion.
Tencent said that, by putting the issuance process on a traceable blockchain , it would provide tax authorities with a paperless taxation system via which it can track the circulation of receipts.
WeChat image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups....