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Tax Revenue Suite (TRS) integrates with the core tax administration information sys-tem (CTAIS), finds, and eliminates tax gaps, increases government revenue, and re-duces operational costs. TRS supports electronic tax invoicing (e-Invoicing) and digital tax administration for business-to-business (B2B), business-to-consumer (B2C), and consumer-to-consumer (C2C) taxpayer segments, as well as digital desk audits, digital return-free regimes, digital excise tax administration, and tax information exchange with banks, online platforms, and local authorities.
International standards for the exchange of tax information enable countries to establish effective cooperation in combating tax evasion and illegal tax optimization.
In the earlier article, we asked three generative AI engines: what are the key terms and topics of tax and digital tax administration? Next, we asked ChatGPT to explain those terms to a 5-year-old kids.
In this article, we look at the findings of an experiment in which three distinct AI tools (Bing AI, Perplexity, and ChatGPT) were asked to identify the main terms and subjects in the "tax administration" and "digital tax administration" disciplines. All responses are displayed exactly as they were given, with no rewriting and only minor formatting changes. While each tool has merits and shortcomings, combining them can help to narrow the search and speed up research in complicated knowledge fields.
Tax monitoring is the process of continuously monitoring and evaluating tax-related operations in order to maintain compliance with tax legislation and to identify any concerns early on. As tax authorities throughout the world speed up their efforts to combat tax evasion and fraud, this process is becoming increasingly vital for businesses of all kinds. Installing a tax monitoring system can provide numerous benefits to firms, including lower penalties and fines, enhanced tax reporting accuracy, and increased transparency. In this post, we will go through the advantages of tax monitoring in greater depth, as well as analyze alternative approaches for creating a centralized tax monitoring system.
Information exchange and communication have become critical for organizations and governments to operate smoothly in the digital age. Tax administrations require reliable and secure means for information exchange between tax officials and banks. This is critical for tax collection, combatting financial crime, and guaranteeing regulatory compliance. In this article, we will highlight the significance of an information architecture that allows tax authorities and banks to connect seamlessly. We will look at the obstacles that all sides encounter, as well as potential ways to increase the efficiency and effectiveness of this crucial process.
As online marketplaces continue to gain popularity and become a dominant force in the global economy, tax authorities around the world are struggling with the effective taxation of the transactions that take place on these platforms. The international nature of online marketplaces, with their individual sellers spread across the globe, makes it difficult for tax authorities to monitor and collect the appropriate amount of taxes. To address this challenge, governments are increasingly turning to online marketplaces to take on a greater role in tax collection and administration. In this article, we will look at the fresh approach to online marketplace tax administration, including the obstacles for tax authorities and three approaches for ensuring tax compliance.
In earlier articles, we explored how important financial data is for tax administration and how banks oppose giving this information on a regular basis. When we look at worldwide tax systems, we can observe that just a few countries have surmounted this barrier. So, what can the tax officials do? In this article, we will look at ways to create incentives for taxpayers to voluntarily give financial data to tax authorities.
Information from the banking system plays an important role in tax authorities' efforts to close the tax gap. By analyzing bank account transactions, it is possible to form a tax base and compare it with the data declared by the taxpayer. Banks are categorically opposed to tax authorities' interest in their clients' financial activities and do everything they can to prevent access to this information. In this article, we will analyze this conflict to understand why it occurs, and how to find a compromise solution.
The real-time economy is fast changing the way businesses, consumers and governments interact, opening up new avenues for efficiency and innovation. Governments and tax administrations are playing an increasingly critical role in developing the regulatory framework and policies that will govern the real-time economy as this notion gets traction. We will look at the definition and benefits of the real-time economy, as well as the prospects for its growth and development, in this post. We will also discuss the critical role that governments and tax administrations play in ensuring that the real-time economy is secure, ethical, and tax-compliant.
Once we identified the functional requirements, we should design a system architecture and chose technologies and infrastructure to put the architecture into operation. Tax administration is an extremely attractive customer for IT service providers, so there are constantly a plenty of vendors gathering around it and pitching their "greatest" solutions. Some tax administration may not have own system specialists. That makes choosing a right solution a challenging experience
The solution's functional architecture for the digital administration of VAT and other indirect taxes, e.g., sales tax, goods, and services tax, may include two major blocks: 1. Administering the transactions be-tween legal entities who are VAT payers with so-called Business-to-Business (B2B) Tax Invoices. 2. Ensuring the completeness of reve-nue invoices in transactions with the private individuals, i.e., for the inter-action of legal entities who are VAT payers (retail sellers) with the private individuals who are not VAT payers (consumers) with Business-to-Consumers (B2C) Tax Invoices.
Digital tax solution providers must become deeply familiar with the architecture of the tax administration information systems and comprehend what, how, and for whom they work. While there are many similarities between banking and tax information systems, there are also a lot of differences. Tax administrations use the Core Tax Administration System (CTAS) to automate various requirements and processes defined by the national tax code. Let us have a look over its key functional blocks.
Tax administrations deal with two options when developing information systems: - Go to the "supermarket", buy something ready-made, and receive the result as quickly as possible; or - Go to a "tailor's studio", take measurements, order something special, and receive a custom-made product but over a longer period. Making the right decision requires a thorough understanding of the fundamentals and procedures of the tax administration.
External digital transformation projects that create solutions and products for taxpayers and tax authority partners improve life in the country. They allow to see the results of applying the latest technology in real time. This is very inspiring, but IT projects in tax administrations have their own unique specifics...