is technology not the third exception today? -...
TRANSCRIPT
We a re i n a wo r l d w h e re a l m o st e ve r y t h in g i s co n n e c t ed b y t e c h n o l o gy
“ … … . b u t i n t h i s wo r l d n o t h i n g ca n b e s a i d t o b e c e r t a i n , exc e p t d e at h a n d t axe s .”
B e n j a m i n F ra n k l in m e n t i o n ed t h i s way b a c k i n a 1 7 8 9 l e t t e r.
Is technology not the third exception today?
D i s r u p t i on h a s b e co m e t h e n e w n o r m a l
COUNTRIES ADOPTING DIGITAL TAX ADMINISTRATION
• India implemented new GST requirements to submit detailed transactional level data
• Spain implemented new requirement to submit daily invoice level detail
• Italy introduced B2B e-invoicing and updated quarterly VAT obligations with detailed invoice data
• Costa Rica is scheduled to make e-Invoicing mandatory for B2B transactions
• Norway plans to adopt and implement SAF-T requirements
• Brazil introduced new obligations for payroll – (eSocial) and EFDREINF
• Hungary is in the process of introducing live invoice reporting requirements starting July 1, 2018
• Malaysia plans to use analytics for E-Audits on payroll tax
• UK’s HMRC plans to implement ‘MTD’ reporting for VAT in April 2019
• Colombia plans on addinge-Invoicing and e-Accounting requirements
• UK’s HMRC plans to introduce ‘MTD’ for other taxes besides VAT in 2020.
• Australia’s ATO plans to further digitize its tax administration through extensive use of analytics
• New Zealand is following suite with Australia in its move to digital tax administration`
2017 2018 2019 2020
Fortune 100
87% 74%
Fortune 1000Fortune 500
79%
Financial Times Global 500
60%
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