TechFlow News: On April 5, China’s State Taxation Administration and the National Financial Regulatory Administration jointly issued the “Notice on Further Deepening and Standardizing the ‘Bank-Tax Interaction’ Initiative,” which calls for deepening the application of bank-tax data. The notice stipulates standardizing the content and methods by which bank-tax data are provided, thereby further alleviating information asymmetry among banks, tax authorities, and enterprises. It encourages regional banking and tax authorities to legally and compliantly innovate “bank-tax interaction” models using technologies such as blockchain and privacy-preserving computation. Banks are urged to continuously optimize credit services, expand financing support for enterprises with sound tax compliance records, and continuously monitor the effectiveness of “bank-tax interaction” loan models to enhance risk management capabilities.
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