Food Safety Blockchain launched by Alibaba and Fonterra

Fonterra, New Zealand dairy brand has cooperated with Alibaba Group to start the  blockchain-based Food Trust Framework
03 May 2018   976

The aim of the project is to trace the deliver chain from the dairy producer in New Zealand to Chinese customers. This blockchain pilot project is also directed on improving the traceability and transparency of the entire “end-to-end” supply chain as well as to struggle against counterfeit goods.

The Fonterra’s Anchor line products from have become the first to be sent as part of a pilot of the cross-border food trust framework. Chinese clients would be able to buy  these products via Alibaba’s Tmall e-commerce platform. Zhu Xiaojing, the Greater China president of Fonterra affirmed that, this initiative proceeds Fonterra’s commitment to catering prime global practice supply chain traceability. As an emerging technique, blockchain has the potential to bring greater value to consumers.

We understand that in China and many other markets, consumers want to be able to trace the products they purchased online. So we are willing to be a part of creating a globally respected framework to protects the reputation of food companies and give greater value and consumer confidence.
Zhu Xiaojing,
President, Fonterra

The general manager of Tmall Import & Export also underlined:

Food safety becomes a big issue across the world  and the supply chain is getting more and more complex. To face this challenge, Alibaba Group has build a coordinated, word-leading and robust framework that involves stakeholders from across the supply chain to improve transparency and enhance the confidence of consumers and merchants.
Liu Peng
General Manager, Tmall Import & Export

The large part of Alibaba’s e-commerce operation in China is the providing of foodstuffs and produce. Therefore, Alibaba also plans to increase accuracy and transparency in its supply chain and allow clients to have a better shopping experience in its Tmall platform.

Bithumb Filed Appeal Against Korean Tax Office

Looks like the korean exchange doesn't really want to pay an additional tax worth $67 000 000
16 January 2020   91

The South Korean cryptocurrency exchange Bithumb has filed a complaint against the National Tax Service (NTS) because of the requirement to pay additional taxes for the transactions of its foreign customers.

The company claims that cryptocurrencies do not have an official status in the territory of South Korea, which is why the authorities cannot have sufficient reasons to levy any taxes.

The tax court will have to decide within 90 days whether to retain or withdraw from Bithumb the obligation to pay the $ 69.1 million tax that was assigned to it by NTS in November. The Office declares that the withdrawal of income from accounts in Korean won by foreign residents is a taxable event. It is assumed that the exchange itself had to withhold tax from its foreign customers.

We paid the full amount and have since been preparing for arguments. We believe we will be given a chance to clarify our stance in court.

 

Bithumb

 The ministry has its own position on this issue.

Bitcoin under the current law is not an asset. It is clear and simple. The Ministry of Economy and Finance already made that clear. The NTS pushing ahead with the tax imposition is baseless and groundless, especially since it is still awaiting the ministry opinion on the same matter it sought again.

 

Choi Hwoa-in

Adviser to Financial Supervisory Service

According to the expert, the NTS maneuver is well thought out and aimed at starting to levy a tax on income that is currently not taxable.

We cannot comment on the ongoing matter. We will await the judgment from the Tax Tribunal.

 

NTS

Earlier, Bithumb was ordered to pay an additional $ 67 million in tax.