Private companies and tax administrations have been engaged in discussions regarding continuous transaction controls (CTC) since 2018, under the International Chamber of Commerce (ICC). This collaborative effort aims to enhance tax reporting processes, while simultaneously reducing complexity and costs for taxpayers. In 2020, the ICC released a comprehensive set of principles and practices known as the “Practice Principles for Implementation of Continuous Transaction Controls.” This publication has since become a guiding light for countries seeking to digitize their tax systems.
Recognizing the importance and potential of CTCs, the group has now found a new home within the Inter-American Center of Tax Administrations (CIAT). CIAT will provide a platform for the continuation of their work, fostering ongoing discussions and collaborations among stakeholders. The implementation of CTCs has proven beneficial in terms of tax compliance and operational cost reduction for taxpayers. However, it is important to note that different taxpayers face unique challenges when it comes to adopting CTCs.
To address these challenges and foster continuous improvement, the newly established CIAT Digitalization Dialogue group aims to facilitate the exchange of ideas among stakeholders. This group welcomes participants from various sectors, including private companies and tax administrations. By creating a space for dialogue and collaboration, the group hopes to enhance relationships and drive further advancements in the field of tax digitization.
In order to facilitate communication and information sharing, the CIAT Digitalization Dialogue group will launch a mailing list on September 7. This will serve as a valuable resource for participants, allowing them to stay up-to-date with the latest developments and discussions related to CTCs. The mailing list will provide a platform for engagement, enabling stakeholders to share insights, best practices, and innovative approaches to tax digitization.
The establishment of the CIAT Digitalization Dialogue group is a significant step forward in the realm of tax administration. By bringing together diverse stakeholders, including private companies and tax administrations, the group aims to foster collaboration and drive meaningful change. The group’s focus on continuous improvement reflects the dynamic nature of tax digitization, recognizing that ongoing dialogue and exchange of ideas are crucial for success.
To join the CIAT Digitalization Dialogue group and participate in the discussions surrounding global e-invoicing, e-reporting, and SAF-T developments, interested individuals and organizations can join the LinkedIn group by clicking HERE. This LinkedIn group will serve as an additional platform for engagement and networking, allowing participants to connect with like-minded professionals and stay informed about the latest trends and developments in the field.
In conclusion, the collaboration between private companies and tax administrations in the realm of continuous transaction controls is a significant development in the quest for tax digitization. The establishment of the CIAT Digitalization Dialogue group within CIAT provides a valuable platform for ongoing discussions, idea exchange, and collaboration. By working together, stakeholders can drive meaningful improvements in tax reporting processes, reducing complexity and costs for taxpayers. The launch of a mailing list and LinkedIn group further enhances communication and engagement, ensuring that participants have access to the latest information and opportunities for networking. With the CIAT Digitalization Dialogue group at the forefront, the future of tax digitization looks promising.