European Union - Combining Modern Technology and Real-Time Invoice Reporting to Combat VAT Fraud: No Revolution, but a Technological Evolution
- European Union
- S. Jafari
- International VAT Monitor, 2020 (Volume 31), No 3
- 18 May 2020
An invoice reporting system based on blockchain technology can offer confidentiality, 100% VAT fraud detection and advantages for businesses. In order to fully understand the benefits that a blockchain-based invoice reporting system can bring to VAT, in this article the author gives an example of how blockchain technology can actually be used to fight VAT fraud, without making things overly complicated. The author also explains that implementation would not be a revolution of the VAT system, but only a technological evolution.