Every year in the European Union, €50 billion go missing due to VAT fraud. That’s €100 per European citizen, straight into the pockets of VAT scammers.
Ending fraud on such a grand scale calls for equally grand ideas like VAT DLT, a new concept from KPMG Luxembourg. This platform uses start-of-the-art blockchain technology to make sure that all VAT is paid.
Most importantly, it’s secure. But it’s also highly efficient, reducing VAT processing times from months to days.
Find out more about this innovative platform via the video below.
As the world becomes more interconnected, discussion about who pays tax, both how and when is likely to intensify. This is not easy terrain.
It is clear too that we need a sustained, inclusive and coherent discussion about the key issues that are affecting and shaping globalization and taxation. This must include all stakeholders, in an open, honest and robust debate. The Global Responsible Tax Project seeks to create the space across the world to have such a debate.
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