…are those here to stay?
Some of the above mentioned verbalisms are new some of them are here for ages. COVID created barriers, yet businesses transformed in order not to extinguish. What seemed to be non-sense year ago is our everyday life today. Digital solutions resolving the issues are here for quite some time. As we can see businesses adjusted their models and found new way how to operate thanks to utilising those digital solutions. In many cases more efficiently and effectively. Can governments adjust their processes and go digital? More specifically can Tax revenue collection authorities seize the opportunities of digital solutions? We already know that digital transformation is a solution.
Why tax revenue collection authorities ought to transform to digital?
The reason, why businesses transformed into digital, is to protect their employees. It just so happened they also found out the productivity is the same or greater than before. With tax revenue collection it’s no different. Inspectors no longer have to spend hours performing onsite inspections exposing them to threats of COVID.
The whole different reason is we see a trend of countries increasing the VAT rates to increase the amounts collected. What if instead of increasing the VAT rate they would increase the efficiency of VAT collected?
Digital solutions can contribute to the safety of tax inspectors while also increase the effectiveness and efficiency of tax revenue collection.
So what are the digital solutions we recommend tax revenue solutions should start implementing?
There are many digital solutions out there however the ones Tax revenue authorities should be looking for are ought to:
- create a digital baseline for real-time transaction data collection (cash included)
- create a digital standardized platform that offers stability in data collected and data provided
- create a level of transparency needed for the tax revenue collection authority to understand the tax collection in real time
- create automated tax revenue collection (direct and indirect taxation)
You can achieve all this and much more with Allexis family of products. Our solutions can be implemented within 3 months and return on investment is within the first 3 months of implementation.
In the recent posts we introduced Receipt, eInvoice, eWallet, Analytics and Control solutions. These solutions are key elements to digital processes and safeguard your business interests and