Advancing Digital Economy: Real-Time Project eKutti for Modernizing Tax Compliance and VAT Fraud

• Finland is advancing towards a digital economy with the Real-Time Economy (RTE) project
• Focus on adoption of e-receipts to modernize tax compliance and reduce VAT fraud
• eKuitti system allows for real-time processing of structured financial data
• Aims for widespread e-receipt adoption by 2025
• Initiative promotes seamless data exchange and compliance with GDPR
• Special agreements between sellers, consumers, and service providers are crucial for e-receipt handling
• Project aims to streamline financial transactions and data exchanges in business
• Goals include standardized data formats, automated processes, integration of services, and digitalization
• E-receipts are rolled out to make paper receipts history
• Progress being made towards making e-receipts mandatory in the future
• Government aims for almost all companies to support e-receipts by 2025 to combat VAT and tax fraud.

Source: fiscal-requirements.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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