Tax Risk Assessment and Assurance Reform in Response to the Digitalised Economy
Main Article Content
Keywords
Data science, digitalised economy, information technology audit, risk management, tax reform
Abstract
The digitalisation of the economy has increased tax administrations’ traditional tax risks and introduced new tax non-compliance risks, such as the use of income suppression software and tax fraud associated with the use of alternative payment methods, such as cryptocurrencies. This study focuses on the global reform that took place among tax authorities from a tax risk management and assurance perspective. The study was executed in two phases, including a cross-national literature review to synthesise international reform regarding tax risk management and assurance in response to the digitalisation of the economy. This process was followed by interviews with risk, technology and data experts of 30 global tax authorities in order to evaluate the level of implementation of the global reform measures identified in the first research phase. The research results suggest an imbalance in reform among participants from developed and developing economies. An inability to optimise tax risk and assurance management within the digitalised economy will negatively impact the tax authorities’ ability to maximise tax collection within the digitalised economy. This is especially concerning if the significant role of digital platforms on future global economic value creation is considered.
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References
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Deloitte. (2016). Country-by-Country Reporting. Available from: https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-country-by-country-reporting-faqs.pdf
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Gampl, M. (2019). SAF-T: Definition, overview, changes in 2019/2020. Available from: https://www.hellotax.com/blog/saf-t/
Green, J., & Thorogood, N. (2004). Qualitative methods for health research. London, Sage.
Goodman, M. (2016). Future crimes: Inside the digital underground and the battle for our connected world. 1st ed. London, Transworld publishers.
HM Revenue & Customs. (2018). The role of online platforms ensuring compliance by their users. Available from: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/687363/The_role_of_online_platforms_in_ensuring_tax_compliance_by_their_users.pdf
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KPMG. (2020). BEPS Action 13: Country implementation summary. Available from: https://home.kpmg/content/dam/kpmg/us/pdf/2020/03/beps-action-13-march19-2020.pdf
Manson, M. (2010). Sample size and saturation in PhD studies using qualitative interviews. Forum Qualitative Sozialforschung, 11(3), 8.
Musgrove, A. (2019). Digital taxes down under: Australia’s GST. Available from: https://quaderno.io/blog/digital-taxes-australias-gst/
OECD. (2004). Compliance risk management: Managing and improving tax compliance. Available from: https://www.oecd.org/tax/administration/33818656.pdf
OECD. (2006). Strengthening tax audit capabilities: General principles and approaches. Available from: https://www.oecd.org/tax/administration/37589900.pdf
OECD. (2013). Electronic sales suppression: A threat to tax revenues. Available from: https://www.oecd.org/ctp/crime/ElectronicSalesSupression.pdf
OECD. (2017a). Fighting tax crime: The ten global principles. Available from: https://www.oecd.org/tax/crime/fighting-tax-crime-the-ten-global-principles.pdf
OECD. (2017b). Technology tools to tackle tax evasion and tax fraud. Available from: https://www.oecd.org/tax/crime/technology-tools-to-tackle-tax-evasion-and-tax-fraud.htm
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OECD. (2017d). Tax challenges of digitalisation. Available from: https://www.oecd.org/tax/beps/tax-challenges-digitalisation-part-1-comments-on-request-for-input-2017.pdf
OECD. (2018). Tax challenges arising from the digitalisation – Interim report 2018: inclusive framework of BEPS. OECD/G20 base erosion and profit shifting project. OECD, Paris.
OECD. (2019). The role of digital platforms in the collection of VAT/GST on online sales. Available from: https://www.oecd-ilibrary.org/sites/e0e2dd2d-en/1/2/2/index.html?itemId=/content/publication/e0e2dd2d-en&_csp_=c7840253bdbd74444e9e16fb3718e8e1&itemIGO=oecd&itemContentType=book
OECD. (2020). Model rules for reporting by platform operators with respect to sellers in the shared and gig economy. Available from: https://www.oecd.org/tax/exchange-of-tax-information/public-consultation-document-model-rules-reporting-platform-operators-with-respect-sellers-sharing-gig-economy.pdf
Palazzi, C. (2018). Italy: Mandatory e-invoicing in Italy: Final implementation. Available from: https://www.mondaq.com/italy/sales-taxes-vat-gst/766312/mandatory-e-invoicing-in-italy-final-implementation-phase
PwC. (2018). OECD and EC release disparate recommendations on tax and the digitalisation of the economy. Available from: https://www.pwc.com/gx/en/tax/newsletters/tax-policy-bulletin/assets/pwc-oecd-and-ec-recommendations-on-tax-and-digitalisation-of-economy.pdf.
Ritchie, J., Lewis, J., & Elam, G. (2003). Designing and selecting samples. In: Ritchie, J., & Lewis, J., editors. Qualitative research practice: a guide for social science students and researchers. London, Sage.
Ruuhonen, P. (2017). Seize the moment, as it might be too late tomorrow – Digital economy offers challenges and opportunities to all tax administrations. Available from: https://www.iota-tax.org/sites/default/files/publications/public_files/disruptive-business-models.pdf
Sithipolvanichgul, J. (2016). Enterprise risk management and firm performance: Developing risk management measurement in accounting practice. University of Edinburgh. (Thesis - PhD).
Smith, K. (2018). Tax havens for the masses: How crypto makes tax evasion easy. Available from: https://www.coininsider.com/cryptocurrency-tax-evasion/
Stanley-Smith, Joe. (2019). Media companies support digital taxation proposals. Available from: https://www.internationaltaxreview.com/article/b1f7my5g48nzy1/media-companies-support-digital-taxation-proposals
Taxamo. (2019). Digital tax rules in operation across the globe. Available from: https://blog.taxamo.com/insights/digital-tax-rules-in-operation
Tripathi, A. (2013). A model framework for measuring and managing operational risks in treasury operations in financial institutions. Birla Institute of Technology and Science: India. (Thesis – PhD).
Trowbridge, P. (2019). SAF-T – Where are we now? Available from: https://sovos.com/blog/2019/06/19/saf-t-where-are-we-now/
The Law Library of Congress. (2018). Regulation of cryptocurrency around the world. Available from: https://www.loc.gov/law/help/cryptocurrency/cryptocurrency-world-survey.pdf. Retrieved March 2020.
United Nations. (2019). Tax issues related to the digitalization of the economy: Report. United Nations: New York. Available from: https://www.un.org/esa/ffd/wp-content/uploads/2019/04/18STM_CRP12-Work-on-taxation-issues-digitalization.pdf
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World Economic Forum. (2020). Navigating industry disruptions, transitioning to a new normal. Available from: https://www.weforum.org/platforms/shaping-the-future-of-digital-economy-and-new-value-creation
Worldometer. (2020). Retrieved from: https://www.worldometers.info/geography/how-many-countries-are-there-in-the-world/.
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Published
Dec 8, 2020
Article Details
How to Cite
Strauss, H., Fawcett, T. ., & Schutte, D. (2020). Tax Risk Assessment and Assurance Reform in Response to the Digitalised Economy. Journal of Telecommunications and the Digital Economy, 8(4), 96–126. https://doi.org/10.18080/jtde.v8n4.306
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Digital Economy & Society
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Author Biographies
Helena Strauss, North-West University
Helena Strauss is with North-West University, School of Accounting Sciences, Potchefstroom, South Africa.
Tyson Fawcett, Sydney University of Technology
Honorary associate at Sydney University of Technology
Prof. Danie Schutte, North-West University
Professor Danie Schutte is with North-West University, School of Accounting Sciences, Potchefstroom, South Africa.
