- Technological Transformation: The landscape of indirect taxes is being reshaped by technological advancements such as AI and e-invoicing, which will enhance tax compliance and administration while also posing new challenges for businesses and governments.
- Evolving Tax Frameworks: Predictions for the future indicate a shift from traditional tax models, including the potential decline of corporate income tax in favor of Digital Services Taxes (DST) and a move towards a technology-driven retail sales tax system, emphasizing the need for more efficient tax collection mechanisms.
- Governance and Compliance Changes: Future indirect taxes will be governed more by advanced systems and technologies rather than traditional legal frameworks, raising ethical and privacy concerns as tax authorities leverage AI’s capabilities, necessitating a re-evaluation of the tax profession’s role in this new environment.
Source: KPMG
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