Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Tencent Holdings Ltd    0700   KYG875721634

TENCENT HOLDINGS LTD

(0700)
My previous session
Most popular
  Report  
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Tencent : Blockchain Against Tax Fraud As Tencent Partners Up With Shenzhen National Taxation Bureau

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/29/2018 | 06:41am EDT

After an agreement was signed between Tencent and the Chinese regulator on 24th May, the intelligent Tax library was established. The new innovation will aim at modernizing tax management while also using blockchain technology to fight tax fraud.

The partnership between the Shenzhen National Taxation Bureau (a state administration arm of the taxation department) and Tencent (a technology firm) will bring to fruition key instruments and tools that will help the Chinese government track large underground markets for tax fraud cases.

Counting the Days to the End of Tax Fraud in China

Government agents will be able to stay atop of tax payments and curb the issue of counterfeit or copied goods and items (a situation prevalent in China). Furthermore, buyers known to be using fraudulent receipts to defraud employers, claim false expenditure or evade taxes will be dealt with thanks to this new system, which is currently in development.

In his speech during the announcement, the Chief Executive of Tencent, Ma Huateng, mentioned that the new partnership will bring to life Intelligent Tax, an innovative product set to become the most important innovation for both entities as it will incorporate small programs like WeChat to create a new way for invoice circulation on the blockchain network.

Making it Easy to Pay Tax Through Blockchain

The Chinese government is planning to integrate the fapiao (a digital form of invoice solution) as one of the premier products of the intelligent tax laboratory project, and as the Deputy Director at Shenzhen National Taxation Bureau said;

The digital invoice based on Blockchain technology has features such as complete traceability of the whole process and non-disruptive information, which consistent with invoice logic, can effectively avoid false invoices, and improve the invoice supervision process

This new technology is bound to not only track and fight tax fraud but will also make it easier for people to declare and pay taxes as they can easily do it through the popular WeChat app.

Although China has maintained a harsh stance on Bitcoin, ICOs, and cryptocurrencies in general, it has remained somewhat optimistic about the future use of blockchain technology in the advancement of certain aspects of governance.

Could this be one of its moves to show support for Blockchain technology? Well, the Chinese IT ministry certainly thinks so. With a published whitepaper on blockchain, the ministry produced a report earlier this week. The report revealed that Chinas domestic industry would thrive on blockchain integration. While showing the growth of the technology, terming it a national science technology, the report also encouraged more integration of this revolutionary technology into government operations.

(c) 2018 Global Data Point. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on TENCENT HOLDINGS LTD
05:20pTENCENT : Music meets profit estimates in first earnings report, shares fall
RE
05:15pTENCENT : Music meets profit estimates in first earnings report, shares fall
RE
10:44aGLOBAL MARKETS LIVE : Revlon, Tesla, Norsk Hydro, Apple…
08:01a'CALL OF DUTY : Mobile' to bring multiplayer warfare to Android, iOS
AQ
02:00aTENCENT : targets 10 percent of managers for job cuts or demotion - Bloomberg
RE
01:26aHSBC : HSI opens up 10 pts at 29,419; H-share up 6 pts to 11,681
AQ
01:24aPhilippines rejects Go-Jek appeal against ride-hailing licence ban
RE
12:58aHyundai Motor, Kia to invest $300 million in India's Ola
RE
03/18ASIA MARKETS: Asian Markets Rise As Investors Watch U.S.-China Trade Talks Fo..
DJ
03/18TENCENT EARNINGS : What to Watch
DJ
More news
Financials (CNY)
Sales 2018 312 B
EBIT 2018 95 822 M
Net income 2018 81 959 M
Finance 2018 66 068 M
Yield 2018 0,30%
P/E ratio 2018 36,82
P/E ratio 2019 33,07
EV / Sales 2018 9,41x
EV / Sales 2019 7,19x
Capitalization 3 003 B
Chart TENCENT HOLDINGS LTD
Duration : Period :
Tencent Holdings Ltd Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TENCENT HOLDINGS LTD
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 44
Average target price 344  CNY
Spread / Average Target 9,0%
EPS Revisions
Managers
NameTitle
Hua Teng Ma Chairman & Chief Executive Officer
Chi Ping Lau President & Executive Director
Yu Xin Ren COO & President-Interactive Entertainment Group
Shek Hon Lo Chief Financial Officer & Senior Vice President
Chen Ye Xu Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
TENCENT HOLDINGS LTD17.28%447 021
NETFLIX35.80%158 677
NASPERS LIMITED16.43%98 443
SPOTIFY TECHNOLOGY SA22.63%25 203
IQIYI INC84.40%19 883
IAC/INTERACTIVECORP17.03%17 942