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DOES BLOCKCHAIN TECHNOLOGY FACILITATE THE TAX SYSTEM IN THE ERA OF INDUSTRY 40

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04 Pages : 33 - 44

http://dx.doi.org/10.31703/ger.2022(VII-II).04      10.31703/ger.2022(VII-II).04      Published : Jun 2022

Does Blockchain Technology Facilitate the Tax System in the Era of Industry 4.0?

Abstract

    The use of blockchain technology in the tax system is quite new and has not been studied so far in the context of developing nations. The study explores how blockchain technology can be applied to the indirect tax system of a developing country, specifically for electronic invoices. A sample of seven employees who were from different fields such as the Federal Board of Revenue (FBR), Institute of Charted Accountants of Pakistan (ICAP), private institutions and the commerce department were interviewed. Results revealed that Blockchain technology can be used to distribute safe tax data, such as the Tax invoices serial numbers, which will make submitting the Tax invoices serial numbers more efficient and faster. In addition, the Tax invoices' serial numbers transactions can be tracked and analyzed. government meant must pay attention to the peculiarities of blockchain technology while undertaking a design linked to the implementation of blockchain technology in tax systems.

    Blockchain, Tax System, Developing Countries, Industry 4.0, Pakistan etc

    (1) Khurram Ashfaq
    Assistant Professor, College of Commerce, Government College University Faisalabad, Punjab, Pakistan.
    (2) Adil Riaz
    Lecturer Government College University Faisalabad (Sub-Campus Hafizabad), Punjab, Pakistan.
    (3) Farhan Iftikhar
    M. Phil Scholar, College of Commerce, Government College University Faisalabad, Punjab, Pakistan.
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Cite this article

APA

    APA : Ashfaq, K., Riaz, A., & Iftikhar, F. (2022). Does Blockchain Technology Facilitate the Tax System in the Era of Industry 4.0?. Global Economics Review, VII(II), 33 - 44. https://doi.org/10.31703/ger.2022(VII-II).04

CHICAGO

    CHICAGO : Ashfaq, Khurram, Adil Riaz, and Farhan Iftikhar. 2022. "Does Blockchain Technology Facilitate the Tax System in the Era of Industry 4.0?." Global Economics Review, VII (II): 33 - 44 doi: 10.31703/ger.2022(VII-II).04

HARVARD

    HARVARD : ASHFAQ, K., RIAZ, A. & IFTIKHAR, F. 2022. Does Blockchain Technology Facilitate the Tax System in the Era of Industry 4.0?. Global Economics Review, VII, 33 - 44.

MHRA

    MHRA : Ashfaq, Khurram, Adil Riaz, and Farhan Iftikhar. 2022. "Does Blockchain Technology Facilitate the Tax System in the Era of Industry 4.0?." Global Economics Review, VII: 33 - 44

MLA

    MLA : Ashfaq, Khurram, Adil Riaz, and Farhan Iftikhar. "Does Blockchain Technology Facilitate the Tax System in the Era of Industry 4.0?." Global Economics Review, VII.II (2022): 33 - 44 Print.

OXFORD

    OXFORD : Ashfaq, Khurram, Riaz, Adil, and Iftikhar, Farhan (2022), "Does Blockchain Technology Facilitate the Tax System in the Era of Industry 4.0?", Global Economics Review, VII (II), 33 - 44

TURABIAN

    TURABIAN : Ashfaq, Khurram, Adil Riaz, and Farhan Iftikhar. "Does Blockchain Technology Facilitate the Tax System in the Era of Industry 4.0?." Global Economics Review VII, no. II (2022): 33 - 44. https://doi.org/10.31703/ger.2022(VII-II).04