The future of tax compliance
I've been discussing the increase in automation of tax processes for business and the potential knock-on effects with my clients especially in jurisdictions that are similar to Australia's i.e. the UK (MTD program) which will inevitably flow to here. This great article, by Peter Horadan shows examples from around the world where the automation of tax receipts through to government has the power to reduce overheads for businesses. For many years there have been pushes by business to reduce compliance costs - this is one possible way to do that - but be careful what you wish for... In Australia we are progressively using less cash in lieu of electronic transactions and there is no reason not to have centralised invoice capture (which has already been trialed here). This in turn will drive change in accounting firms to guide clients through the process and open up replacement / alternate revenue stream(s).
For Peter's article, click here