Finance & Tax

 Innovate and gain insights in your finance and tax systems.

 How Blockchain will affect Finance & Tax

Finance & Tax automation software has already accelerated the pace of tax determination, filing and remittance, and blockchain has the potential to further streamline the process. Should corporations record all expenses and revenue-generating transactions in a public blockchain, tax administrations would have virtual real-time access to the ledgers. The current delay between business transactions and tax remittance would be eliminated because tax could be automatically calculated and remitted as soon as a transaction is complete. It could also be automatically deducted by watchful government entities.

The impact on the compliance process could be huge. If tax is remitted with each transaction, periodic returns could be eliminated, or at least greatly altered. Audits could be less involved, but ongoing, reducing the opportunity for fraud. The cost of compliance could also be significantly reduced for businesses and government agencies.

Blockchain technology has the potential to revolutionize finance & tax administration.

 

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