China State Taxation Administration: Encouraging both banks and tax authorities to innovate the "Bank-Tax Interaction" mode using technologies such as blockchain and privacy computing

BlockBeats News, April 5th - Recently, the State Administration of Taxation of China and the China Banking and Insurance Regulatory Commission jointly issued the "Notice on Further Deepening and Standardizing the 'Bank-Tax Interaction' Work," which pointed out the need to deepen the application of bank-tax data. Standardize the content and delivery methods of bank-tax data provision to further address the issue of information asymmetry between banks and taxpaying enterprises. Encourage banks and tax authorities in various regions to innovate the "Bank-Tax Interaction" model using technologies such as blockchain and privacy computing in compliance with the law. Banks should continue to optimize credit services, increase the supply of financing services to honest taxpayers, and continuously monitor the effectiveness of the "Bank-Tax Interaction" loan model to enhance risk management.