Another excellent conference hosted by Digital Economy Taxation (DET), to whom Revenue Quebec has joined forces with this year.
“Transforming Tax Systems with Blockchain” focused on how blockchain can be used in conjunction with other technologies to improve tax compliance.
Representatives from government, academia and private sector (regional and international) share their expertise, supplemented by real-life examples of how governments have used blockchain technology in countering illicit financial flows and improving tax compliance.
Data Tech International was fortunate to be invited and present to the panel Proof-of-Audit function, which is a confirmation from the TaxCore® that all the invoices issued with a particular secure element (one taxpayer can have more secure elements) have been stored in its database. A Proof-of-Audit can be issued after each fiscal invoice (remote audit) or after a group of delayed invoices reaches the database (remote audit facing technical issues or local audit). It also confirms that exactly the same data that was entered in the taxpayer’s POS was transferred to the tax authority database.
However, not receiving a Proof-of-Audit does not immediately prevent the taxpayer from issuing new fiscal invoices.
The taxpayer can continue issuing fiscal invoices without a Proof-of-Audit but there is always a preset limit until when a Proof-of-Audit can be delayed.
This setup forces taxpayers to report regularly – even if the internet failure prevents normal invoice transmission to the database, the taxpayer will be informed that the preset limit is approaching. He/she can then perform a local audit in order to obtain a Proof-of-Audit from the tax authority.
Other speakers contributed with their own views and presentations to make this conference, once again, successful:
Thanks to Jeffrey Owens and Daniel Prud’homme, for choosing us to participate in this great event!
Conference can be viewed here: https://studio.sonoptik.ca/Blockchain/
Video presentation by DTI: