How Tax Technology Changes Your World

In a world changing at a fast pace, until recently tax professionals were conservative members of society moving at a much slower pace. Recent efforts by tax authorities to identify and close tax leakages - through the Base Erosion and Profit Shifting (BEPS) project - created a set of boundaries and tax principles in 2015 which were based on full transparency of tax-sensitive data to all stakeholders on a real-time base. Since the BEPS implementation began over 3 years ago, the landscape of tax has dramatically changed to drive these tax principles in order to level the playing field between tax authorities and taxpayers. This booklet gives you an overview of how quickly tax technology is changing the world for everyone involved in tax matters and tax risks. Real-time tax data mining might become the standard soon. In some countries, such as Brazil, it is already the reality of today. The Australian tax authorities have standardized tax reporting at various levels, while Spanish tax authorities can review whether invoices are VAT compliant online as well. The world is digitizing - are you? Governance on tax and the discussion of tax dilemmas in the boardroom will soon become the norm. TPA is proud to offer you this first series of articles from various places in the world, which address blockchain, country-specific initiatives, and the dilemmas confronting corporate taxpayers.