Tencent given green light to create blockchain-based invoice standards, bad news for tax evaders

After first announcing the project last year, Chinese tech giant Tencent has been given the go-ahead by the country’s tax officials to create blockchain-based invoice standards. The invoices will be created as part of a project called  “General Framework of DLT-Based Invoices,” which is also being supported by several other countries including the UK, Switzerland, Sweden, and Brazil, Global Times reports. Tencent will be working with the China Academy of Information and Communications Technology, and the taxation bureau in Shenzhen (in South China‘s Guangdong Province) to launch the novel invoicing system. “The project shows China‘s industry and market activity in…

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source https://thenextweb.com/hardfork/2019/10/29/tencent-given-green-light-to-create-blockchain-based-invoice-standards-bad-news-for-tax-evaders/