Experts Ernst and Young: Artificial intelligence and Blockchain will change the way of paying taxes

Added by susan nelson 4 months ago

Ernst and Young builds a global tax system model, a government of artificial intelligence. This will be a pioneering initiative in applying high technologies to the most important tax issues in the world. Tax digitization trend and shifting focus from tax declaration to tax payment by data.
Share at Vietnam CEO Summit 2019 conference with the theme "Leading strategy in digital transformation and opportunities for Vietnamese businesses", Mr. Jeffrey Saviano, Leader of Global Tax Innovation of Ernst and Company Young (headquartered in the UK) said, artificial intelligence (AI) and Blockchain are two important new technologies that influence the current global business operations.

Blockchain’s value-added business will increase to about 176 billion USD by 2025 and will then skyrocket to 3.100 billion USD by 2030. However, only 4% of CIOs are actively using AI in the present. organized but 42% of other CIOs have AI development projects underway.

Jeffrey Saviano also said that according to reports of McKinsey and Gartner, in the world, the technology giant including Baidu and Google has only about 20 to 30 billion dollars for AI in 2016. By 2021 40% of applications New business applications will include AI technology. From now to 2030 AI will generate USD 13,000 billion of GDP growth (equivalent to 1.2% per year).

US-based companies have made 66% of all investments in AI in 2016. China ranks second with 17% and is growing very fast. Global business value from AI is expected to reach $ 1,200 billion in 2018 and 3,900 billion in 2022. Cash flow can be reduced by 20% compared to the current if no AI technology is used.

Also according to Mr. Jeffrey Saviano, this year Ernst and Young built a model of global tax system, a nucleus of the Government of artificial intelligence. This will be a pioneering initiative in applying high technologies to the most important tax issues in the world. Tax digitization trend and shifting focus from tax declaration to tax payment by data. This tax digitization procedure model will extract data directly from source systems that send data directly to the Government.

When the AI ​​and Blockchain applications, businesses will be able to fail to file tax returns according to the usual process, but will take their data to calculate tax by AI and submit it directly to the Government, the tax authority only considers business. Has the industry paid such taxes appropriately. When tax administration moves to digital, at a deeper level, the Government must also make 2 player games possible to smarten institutions.

Tax policies and tax administration are important to every Government, tax solutions with high technology and the explosion of Blockchain technology with specific applications into business have received the attention of businesses. Most businesses are wondering about which scope to apply blockchain, how to bring business value, where to start, and how to do it.

With the characteristics of Blockchain, it will open a potential application trend for many areas such as banking and finance, retail, transporting goods, manufacturing, and telecommunications ... With priority policies issued IT development as a key sector of the state and potential technology availability, Vietnam is expected to be where blockchain technology has many good conditions for development. This is considered an opportunity for start-up businesses and individuals to apply this new technology with new and innovative opportunities, able to reach out to the region and the world.