DCO whitepaper explores blockchain technology and its potential application for tax

DCO whitepaper explores blockchain technology and its potential application for tax

- The Digital Cooperation Organization (DCO) launches a whitepaper exploring the potential use of blockchain technology in the taxation field from both tax administration and taxpayers’ perspectives

Riyadh – The Digital Cooperation Organization (DCO), the global organization dedicated to enabling digital prosperity for all, has released a new whitepaper that provides an overview of blockchain technology and outlines its potential use cases for the taxation field.

Aligned with its commitment to support member states with knowledge and insight into digital economy issues, the DCO provides a comprehensive overview of what blockchain technology in the whitepaper. This includes a step-by-step process on the workings of a blockchain, the types of blockchain networks, and the key attributes of each.

Recognising the importance of understanding the perspectives of the different stakeholders involved, the DCO whitepaper also sheds light on the different incentives applicable to both taxpayers and tax administrations. The whitepaper identifies aspects such as increasing visibility and transparency, resolving data asymmetry, and more as key incentives for taxpayers when it comes to the adoption of blockchain in the field of tax. At the other end, it also identifies the key incentives for tax administrators such as digitalization and mitigating tax fraud.

The whitepaper also highlights how