- The OECD has identified crypto-assets and artificial intelligence as emerging challenges for VAT administration.
- Over 100 countries and business stakeholders discussed these issues at the sixth OECD VAT Forum.
- Rapid digital trade growth and AI are reshaping economic activity, creating new pressures for VAT systems.
- The forum focused on enhancing VAT compliance and fraud prevention, including real-time data collection and information sharing via the SCAN-VAT platform.
- There is a growing need for coordinated international approaches to address compliance and fraud risks related to crypto and AI.
Source: globalvatcompliance.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.
