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Tuesday, January 25, 2022

Mazur Presents Can Blockchain Revolutionize Tax Administration? At the moment At San Diego

Orly Mazur (SMU; Google Scholar) presents Can Blockchain Revolutionize Tax Administration? (reviewed by Sloan Speck (Colorado; Google Scholar) right here) at San Diego at present as a part of its Tax Legislation Speaker Sequence hosted by Miranda Fleischer:

Mazur-OrlyConsultants predict that using sensible contracts and different purposes of blockchain know-how can probably revolutionize the style during which we do enterprise. Blockchain guarantees the elimination of middlemen, in addition to belief, transparency, and improved entry to shared data and data. Thus, it’s no shock that corporations and entrepreneurs are actually growing blockchain options for an array of markets, starting from actual property to well being care. However, can this new know-how revolutionize tax administration? Our present tax administration system suffers from a big tax hole, excessive compliance and administrative prices, and plenty of inefficiencies. Blockchain’s core attributes could current an answer to those shortcomings.

This Article is the primary to contemplate the know-how’s potential function in revolutionizing tax administration and the challenges that should be overcome earlier than incorporating blockchain know-how into the tax house. The Article demonstrates that implementing a blockchain-based platform for tax administration would current vital alternatives to digitalize and automate sure tax processes, decrease authorities data constraints, improve the transparency and trustworthiness of tax-related transactions, and cut back prices, information redundancies, and different inefficiencies concerned within the tax administration course of. The Article concludes, nonetheless, that many blockchain tax initiatives are merely aspirational at this level. Governments want to beat vital challenges and limitations with the intention to meaningfully benefit from blockchain know-how. It, due to this fact, units forth normative steps for policymakers to absorb supporting the event of blockchain know-how and serving to it to understand its full potential within the tax house. By doing so, the Article goals to advertise a proactive strategy to exploring and understanding the know-how’s advantages, limitations and implications, and thereby to put the federal government in one of the best place to harness the benefits of blockchain know-how and modernize our system of tax administration.

https://taxprof.typepad.com/taxprof_blog/2022/01/mazur-presents-can-blockchain-revolutionize-tax-administration-today-at-san-diego.html

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