The digital age is shaping the world of tax into an entirely different format. It not only shifts the relationship between taxpayers and tax authorities, but alters the way tax returns are submitted, taxes are paid and information is stored.
Blockchain is a ledger of information that is replicated and distributed across computers that are joined in a Peer-to-Peer network. This distributed ledger technology basically creates a single record of a transaction that can be accessed and independently verified by all approved parties in the transaction.
Source Alfredo Collosa – GCCFinTax
Read other articles from Alfredo Collosa:
- VAT and Tax Reforms: Some Ideas
- VAT and e-Commerce operations control strategy
- Blockchain in Tax Administrations
- Fraud is all around the world
- Tax administrations and the strategy to combat false invoices
- Digitalization of Tax Administrations and the necessary simplification of tax systems (2020)
- VAT Talks with Alfredo Collosa (LATAM e-invoicing and invoice reporting systems)
Latest Posts in "World"
- SAF-T System Explained: Definition, Benefits, Structure, European Adoption, and Implementation Best Practices
- Overcoming VAT Number Validation Challenges: Ensuring Compliance, Data Integrity, and Audit Readiness for Tax Teams
- Ensuring VAT Compliance and Real-Time Tax ID Validation in Self-Service Checkout Systems
- Open ECX Achieves PEPPOL Accreditation, Enabling Global, Compliant E-Invoicing and Document Exchange
- Global VAT Compliance – Recent VAT Developments – Quick Update
