The State Taxation Administration of China: Encourages both banks and tax authorities to utilize technologies such as blockchain and privacy computing to innovate the "bank-tax interaction" model

Recently, the State Taxation Administration and the National Financial Regulatory Administration of China jointly issued a notice on "Further Deepening and Standardizing 'Bank-Tax Interaction' Work," which pointed out the need to deepen the application of bank-tax data.

Standardize the content and methods of providing bank-tax data to further resolve the information asymmetry issue between banks, taxes, and enterprises. Encourage both banks and tax authorities in various regions to utilize technologies such as blockchain and privacy computing to legally and compliantly innovate the "bank-tax interaction" model. Banks will continue to optimize credit services, increase financing service supply for honest tax-paying enterprises, and continuously monitor the effectiveness of the "bank-tax interaction" loan model to improve risk management levels.