Data Tech International was invited to attend a unique seminar organized by the Institute for Austrian and International Tax Law in Vienna at Vienna University (WU). What made this seminar unique was that the topic of blockchain and taxation was discussed for the first time by some of the most prominent experts invited by the most influential international tax person, Prof. Dr. Jeffrey Owens who chaired the event.
Mr. Goran Todorov, a global consultant for legal and technical certification of invoicing systems and the Co-owner of Data Tech International, and Mr. Ivan Pavlovic, the TaxCore product manager, presented their research on Blockchain technology in taxes. More specifically, the application of blockchain to specific tax issues.
In their paper, they spoke on how a blockchain EBM (Electronic Billing Machine) system could bring transparency when it comes to the tax collection process. Additionally, this system could cut down the high maintenance costs which would save governments a lot of money. Most importantly, though, they proved that this type of system will save time wasted on frequent and intensive verifications.
The paper brought up serious facts and solutions to many challenges governments all over the world are still facing. Due to the attention Mr. Goran attracted with his paper, Bloomberg decided to interview him. The topic was focused on how Blockchain as an innovative technology can successfully increase tax efficiency. As a firm proof of how this can be done, he used Rwanda as the perfect model.
Overall, this was a huge success for DTI which allowed them to showcase their achievements and implemented innovations. More importantly, to make a point and get the international community to think about the future of tax collection and tax fraud.