Tax tech companies are rapidly gaining ground as global tax advisory firms, and are set to fundamentally change and revolutionize the way tax administrations, taxpayers, and their advisers interact, ushering in a much more efficient and effective integration of tax services into the processes used by both taxpayers and tax authorities. The distinguished contributors to this book clearly explain not only how tax law can be revised to promote digitization and speed up its implementation but also how to achieve better tax compliance and administration at a lower cost.The authors cover such aspects of this veritable paradigm shift in tax management as the following:how new technologies improve existing VAT/GST systems;uses of artificial intelligence;secured certification of taxpayers;electronic invoices;securing real-time reporting with cryptography;taxing virtual currencies;enhanced personal data protection;fewer opportunities to engage in aggressive tax practices;competitive advantage in attracting investment;work-flow assessment; andmore opportunities for information flows and collaboration.Because the perspective as to what is meant by tax compliance is already overlaid by technological pressure-as indicated especially by BEPS 1.0's domestic tax law initiatives and its recommendations of newly developed options to secure full transparency of tax processes-it is clear that controls and tax risk management are on the rise and that systems will become more digitized. For these reasons, professionals in the tax advisory industry and tax authority officials will welcome this book's sound and practical measures leading to progress and revitalization through digital transformation.
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