Continuous Transaction Controls (CTC): Enhancing Tax Compliance and Efficiency through Real-Time Reporting

• Continuous Transaction Controls (CTC) refers to real-time/near-time data collection and automation for tax compliance.
• CTC aims to improve tax collection efficiency and reduce tax evasion and fraud.
• Countries implementing CTC have seen positive results, such as increased tax revenue and reduced VAT gaps.
• Poland has been successful in reducing its VAT gap from 25% to 10%.
• The European Union has an estimated VAT gap of 61 billion Euros.
• CTC has been implemented or planned in countries such as Mexico, Chile, France, Germany, Hungary, Italy, Poland, Romania, and Spain.
• Lack of harmonization in legal frameworks and technical requirements is a challenge for implementing CTC.

Source: rtcsuite.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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