The Chinese capital has just issued its first blockchain-based electronic fapiao (invoice).
The Beijing municipal tax department announced on 4 March that the city’s first blockchain-based e-fapiao was issued by the carpark of Hanwei International Square, situated in the Beijing Fengtai Science Park.
According to the department all of Beijing’s car parks have been integrated into the municipal tax department’s blockchain-driven e-fapiao system.
In future all Beijing car parks will be capable of issuing online blockchain-based fapiao, with customers no longer required to retain paper copies of the documents.
In June 2018 Guangzhou municipality’s tax department launched China’s first blockchain-based tax invoicing system – the Shui Lian (税链) or “Tax Link” system.
The goal of the system was to ensure the authenticity of digitised tax invoices, also referred to as fapiao in Chinese, by maintaining a comprehensive log of data on both issuers and recipients.