Alexander, George
Blocking the gap the potential for blockchain technology to secure VAT compliance / George Alexander
Resumen.
This article explores blockchain technology as the most optimal solution to tackle the challenge of VAT non-compliance in EU. Focusing on the design aspects of security, transparency, and efficiency, the article argues that blockchain provides the opportunity to tackle non-compliance whilst achieving a balance in both taxpayer’s wants and tax authorities’ needs. Utilizing current examples of blockchain implementation, as well as a specific VAT Coin proposal, it is demonstrated that a blockchain solution can come in many forms; be it a public, private or consortium blockchain, with each type respectively achieving compliance whilst prioritizing different aspects of data security and privacy. Ultimately, it is indicated that a blockchain-based VAT system has the potential to enable a significant reduction in the risk of non-compliance, whilst streamlining taxpayer obligations and protecting valuable datasets.
IMPUESTO SOBRE EL VALOR AÑADIDO
RECAUDACION
BLOCKCHAIN
CRIPTOMONEDA
CUMPLIMIENTO FISCAL
UNION EUROPEA
EC Tax Review 0928-2750 [print] v. 31, n. 3, June 2022, p. 140-155
Blocking the gap the potential for blockchain technology to secure VAT compliance / George Alexander
Resumen.
This article explores blockchain technology as the most optimal solution to tackle the challenge of VAT non-compliance in EU. Focusing on the design aspects of security, transparency, and efficiency, the article argues that blockchain provides the opportunity to tackle non-compliance whilst achieving a balance in both taxpayer’s wants and tax authorities’ needs. Utilizing current examples of blockchain implementation, as well as a specific VAT Coin proposal, it is demonstrated that a blockchain solution can come in many forms; be it a public, private or consortium blockchain, with each type respectively achieving compliance whilst prioritizing different aspects of data security and privacy. Ultimately, it is indicated that a blockchain-based VAT system has the potential to enable a significant reduction in the risk of non-compliance, whilst streamlining taxpayer obligations and protecting valuable datasets.
IMPUESTO SOBRE EL VALOR AÑADIDO
RECAUDACION
BLOCKCHAIN
CRIPTOMONEDA
CUMPLIMIENTO FISCAL
UNION EUROPEA
EC Tax Review 0928-2750 [print] v. 31, n. 3, June 2022, p. 140-155