Technology has transformative powers. It has the capacity to impact the way business runs. While Blockchain is definitely the new buzz and has the potential to impact the different industrial segments, but again we have to mention here that this technology is still at a nascent stage. There are many more developments waiting ahead. In this blog, we are going to discuss how Blockchain will benefit the tax system.We all know that Blockchain is a distributed ledger technology that works on the peer-to-peer network providing a safe and secure platform for exchanging data and information. Some of the noticeable feature of Blockchain include:1. Decentralization2. No third-party intervention3. Data encryption4. Cost-effectivenessThese are some of the features that make Blockchain a universal technology. It thus becomes useful for most business operations. Whether it is food or finance, all the business operations can reap the benefits of these features of Blockchain.Creating data transparency: One of the key features of Blockchain platform is that it offers transparency. This is something that can prove beneficial for the tax system. The major challenge is to access the full spectrum of information from a different business relevant to tax. With a Blockchain-based system, we can have a safe and secured platform that will allow the people involved in the audit and taxation work to easily access all the necessary information without any delay.Verifying transfer pricing: Yet another area where Blockchain can prove helpful is verifying transactional taxes like stamp duties, VAT withholding tax, and insurance premium taxes. Blockchain can also be used for transfer pricing.Data security: The next feature of Blockchain that can be useful for the tax regulators is safety and information security. All the data associated with taxation and taxpayers when stored on the DLT is highly secure and encrypted cryptographically, making all the information\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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