Across Europe, tax authorities are taking significant steps towards digitizing value-added tax collection. VAT is by far the most significant indirect tax for nearly all the world’s trading nations, contributing over 30% of all public revenue. VAT as a tax method essentially turns private companies into tax collectors. Traditionally, this leaves them responsible for assessing and applying extremely complex rules about where tax is payable, and how much—which is why we tend to see gaps between expected revenue and actual revenue collected.
Source Bloombergtax
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