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DCO whitepaper explores blockchain technology and its potential application for tax

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  • The Digital Cooperation Organization (DCO) publishes a white paper that explores the potential use of blockchain technology in the tax space from both the tax administration and taxpayer perspectives.

RIYADH – The Digital Cooperation Organization (DCO), a global organization dedicated to enabling digital prosperity for all, has announced a new initiative that provides an overview of blockchain technology and outlines potential use cases in the area of ​​taxation. Released a white paper.

In line with its commitment to supporting member states with knowledge and insight on issues of the digital economy, the DCO provides a comprehensive overview of blockchain technology in its whitepaper. It includes a step-by-step process on how blockchains work, types of blockchain networks, and key attributes of each.

Recognizing the importance of understanding the perspectives of the various stakeholders involved, the DCO White Paper also sheds light on various incentives applicable to both taxpayers and tax authorities. The whitepaper identifies aspects such as increased visibility and transparency, and resolving data asymmetries as key incentives for taxpayers regarding the adoption of blockchain in the tax space. On the other hand, it also identifies key incentives for tax administrators, such as going digital and mitigating tax fraud.

The whitepaper highlights how governments and organizations around the world have used blockchain to address specific tax issues, and provides insights into the future that can be explored in areas such as transfer pricing, business-to-business data, and VAT. It also describes the use case.

Commenting on the whitepaper, Manel Bondi, Director of Digital Taxation, DCO, said: He believes advanced technologies such as blockchain have the potential to offer solutions to global tax challenges and hopes this white paper will stimulate further consideration and dialogue in this area. I’m in. “

DCO is a global non-profit organization focused on digital economy initiatives, creating knowledge sharing and collaboration among member countries to accelerate digital transformation for the benefit of all. The DCO has also launched several initiatives supporting youth, entrepreneurs and women to help minority groups access the positive benefits of the digital economy. Currently, the DCO represents 11 member states with a combined GDP exceeding her US$2 trillion and a population of approximately 600 million. With 70% of future economic growth set to be digitized, DCO member states offer a valuable market opportunity for both investors and entrepreneurs.

For more information or to download the whitepaper, please visit www.dcoinsights.com/whitepaper.

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Media Inquiries: Please contact media@dco.org.

About DCOs

The DCO is a global multilateral organization established in November 2020 that aims to bring digital prosperity to all by accelerating the inclusive growth of the digital economy. DCO brings together the telecommunications ministries of 11 countries: Bahrain, Cyprus, Djibouti, Kuwait, Morocco, Nigeria, Oman, Pakistan, Jordan, Rwanda, Saudi Arabia and his IT ministry. 600 million people, more than 70% of whom he is under 35 years old.

DCO is focused on empowering young people, women and entrepreneurs, harnessing the accelerating forces of the digital economy, driving economic growth and leaping ahead with innovations that foster social prosperity. Through cooperation, dialogue and the enactment of mutually beneficial cross-border legislation, we will work within our Member States to rapidly create an inclusive and equitable digital economy in which all people, businesses and societies can innovate and thrive. It aims to establish optimal infrastructure and policies. .

The DCO works with governments, the private sector, international organizations, NGOs and civil society to pursue the common interests of its members, including in the areas of digital skills training, data protection, intellectual rights, regulation, taxation and entrepreneurship. Together, we enable a more inclusive digital transformation and the growth of the digital industry.

Key initiatives of the DCO include enhancing cross-border data flows, facilitating market expansion for SMEs, empowering digital entrepreneurs, and empowering digital entrepreneurs among women, youth and other underrepresented populations. Includes programs to promote inclusion.

For more information about DCO, please visit www.dco.org, https://twitter.com/dcorg and https://www.linkedin.com/company/dcorg/.

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