Fraud contributes to around one third of VAT fraud in Europe, representing a loss of close to 50 billion euros. To tackle this challenge on a global scale, many tax authorities are requesting more detailed financial information from taxpayers, often in the form of core transactional data.
This shift forms part of the broader digitization of tax systems around the world. In this new environment, taxpayers in every region – including the GCC – need a sound plan for moving away from the manual VAT management and reporting processes that so many still rely on.
It’s also critical to stay up to speed on the technology-driven developments that could re-shape the tax landscape in the future – including the role that new technologies like Blockchain could play in reducing the VAT gap and fighting VAT fraud.
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