Increased visibility into, and control over, taxpayer financial and trade data is the key benefit highlighted by governments that have introduced continuous transaction controls (CTC) regimes.
Its importance cannot be overstated. Transactional data cleared by or exchanged through a tax administration authorised platform becomes the new source of truth for tax authorities to assess the accuracy of accounting ledgers and tax returns.
CTCs also provide tax authorities with relevant data about the condition of the country’s formal economy and enable targeted policies. It’s the latter that has become increasingly relevant to countries across the world as they look to repair struggling economies in the wake of the pandemic.
Source: SOVOS
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