The system allowed for a consumer payment via WeChat to generate an invoice that would be eligible for inspection and management by tax authorities. Cai Yunge, general manager of blockchain at Tencent, is quoted by EEO as saying that the new system achieves a frictionless link between consumer scenarios and tax services.
In the traditional scenario, processing an invoice entails multiple and somewhat cumbersome steps, EEO notes. When a consumer completes a given transaction, they must wait for the merchant to generate the invoice, file it away safely, complete a returns form in the Finance Department, wait for the return to be processed, and then receive their returns.
Join in on the conversation with Alex Masters Lecky when you subscribe to CRYPTONICLES.