Interesting stuff: blockchain applications for tax/VAT purposes

Andre van der Valk, CEO at Trustweaver, pointed out to an interesting article on the use of Blockchain fro tax purposes. This article, written by Antonio Seco, sparked my interest especially after the news that China plans to use blockchain for e-invoicing and tax purposes.

You can read the full article on the website of CIAN , the Inter American Centre of Tax Administrations. here: part 1, part 2 and part 3.

Underneath is a table of contents:

PART I

1. BITCOIN: ORIGIN

2. BLOCKCHAIN: HOW IT WORKS
Consensus mechanisms
Smart contracts
Types of blockchain
2.1. Public blockchain
2.2. Consortium blockchain
2.3. Private blockchain
Blockchain platforms

3. BLOCKCHAIN IN THE TAX ADMINISTRATION

PART II

4. PROPOSALS FOR THE TAX ADMINISTRATION PRACTICES

4.1 Fighting VAT fraud in the European Union[1]
VIES and DICE
DICE
Principles of the VAT implementation in blockchain
Network computers and protocols
Consensus mechanism
Proposal in process
Comments

PART III

4.2 VATCoin – the cryptocurrency for VAT payments in GCC countries
VATCoin and DICE blockchain – GCC-specific characteristics
Example of the scheme
Balance of accounts
Comments

5. LIMITATIONS AND THREATS

6. HOW TO PROCEED?

ANNEX – ADDITIONAL REFERENCES

 

 

 


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