Blockchain was hailed as the cure for nearly all problems affecting the value added tax (VAT) system of the European Union. Every year EU countries lose billions in VAT revenues due to tax fraud and inadequate tax collection systems.
Although blockchain applications use validation mechanisms and rely on consensus, they may not always record correct data. Just like any software application, blockchain faces the inherent problem of the interface between the digital and physical world: someone must program the distributed ledger and make sure that proper entries are made.
Source: Forbes
Latest Posts in "World"
- VAT Concepts Explained: News Items & Podcasts Covering the VAT Topics That Matter Most (WIP)
- VAT Concepts Explained: Timing of Invoicing and Tax-Point Alignment
- VAT Concepts Explained: Description of the goods or services on an invoice
- 91 Country Profiles on E-Invoicing, E-Reporting, E-Transport, SAF-T Mandates, and ViDA Initiatives
- Real-Time E-Invoicing Reconciliation for VAT Compliance
