- The Digital Cooperation Organization (DCO) launches 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), the global organization dedicated to enabling digital prosperity for all, has released a new whitepaper that provides an overview of blockchain technology and outlines potential use cases for the tax field.
In line with its commitment to support member states with knowledge and insight into digital economy issues, the DCO provides a comprehensive overview of which blockchain technology in the white paper. This includes a step-by-step process on how a blockchain works, the types of blockchain networks and the key attributes of each.
Recognizing the importance of understanding the perspectives of the various stakeholders involved, the DCO whitepaper also highlights the various incentives that apply to both taxpayers and tax authorities. The white paper identifies aspects such as increasing visibility and transparency, solving data asymmetry and more as key incentives for taxpayers when it comes to adopting blockchain in the tax space. On the other end, it also identifies the main incentives for tax administrators such as digitization and reducing tax fraud.
The whitepaper also highlights how blockchain has been used by governments and organizations around the world to address specific tax issues, while discussing future use cases that can be explored in areas such as transfer pricing, intercompany transaction data and VAT.
Manel Bondi, Digital Taxation Director at DCO, commented on the white paper: “The white paper is part of our commitment to support our member states and the wider community in navigating the digital economy and tackling existing and new challenges within it. We believe that advanced technologies such as blockchain have the potential to present solutions to global tax challenges, and we want this whitepaper to inspire further consideration and dialogue in the field.”
DCO is a global non-profit organization with a focus on digital economy initiatives that create knowledge sharing and collaboration between member countries to accelerate digital transformation for the benefit of all. DCO has also launched several initiatives supporting youth, start-up entrepreneurs and women to help underrepresented groups access the positive benefits of the digital economy. Currently, the DCO represents eleven member countries with a combined GDP of over $2 trillion and a population of nearly 600 million. With 70 percent of future economic growth set to be digital, DCO’s member countries provide a valuable market opportunity to investors and entrepreneurs alike.
For more information about the white paper, or to download it, please visit www.dcoinsights.com/whitepaper
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About DCO
DCO is a global multilateral organization founded in November 2020 that aims to enable digital prosperity for all by accelerating the inclusive growth of the digital economy. DCO brings together the communications and IT ministries of 11 nations – Bahrain, Cyprus, Djibouti, Kuwait, Morocco, Nigeria, Oman, Pakistan, Jordan, Rwanda and Saudi Arabia – which together represent nearly $2 trillion in GDP and a market of almost 600 million people, more than 70% of whom are under 35 years of age.
DCO is focused on empowering youth, women and entrepreneurs, harnessing the accelerating power of the digital economy and leapfrogging innovation to drive economic growth and increase social prosperity. Through cooperation, dialogue and the establishment of mutually beneficial cross-border legislation, we seek to establish in our member nations the optimal infrastructure and policy for the rapid establishment of inclusive and fair digital economies where all people, businesses and societies can innovate and thrive.
In pursuit of our members’ shared interests – for example in digital skills training, data protection, intellectual property, regulation, taxation and entrepreneurship – DCO works in partnership with governments, the private sector, international organisations, NGOs and civil society to enable more inclusive digital transformation and growth of digital industries.
DCO’s key initiatives include programs to improve cross-border data flows, promote market expansion for SMEs, empower digital entrepreneurs and promote digital inclusion among women and youth and other underrepresented populations.
More information about DCO can be found at www.dco.org, and
