Last week, Japanese credit card company JCB partnered with U.S.-based payments firm Paystand to build a blockchain-based B2B payments platform. The solution will digitize the current corporate SME payments system in Japan and for the 130 million customers of JCB.
Earlier this year, Japan increased its consumption tax but introduced a tiered system reducing tax on certain items to boost the economy. This requires businesses to account for payments for each tax rate separately.
In 2023, a new tax invoicing system will be launched where companies will be required to retain invoices to receive tax credits on purchases. Additionally, corporates will be required to furnish detailed information such as registration number, details of the purchase and applicable tax rates.
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