EYs new blockchain platform could solve a major tax headache
Summary
SEE: 10 things you thought you knew about blockchain that are probably wrong (TechRepublic) The zero-knowledge proof element of the system ensures that sensitive data is private and verifiable, and was a crucial part of the proof-of-concept project, according to Robotham. EY finalized the list of participants in July 2020 and then the engineering team set up the blockchain network. Robotham said the project was a global effort with team members in Costa Rica, India, China, Europe, the US and the UK. The technical requirements of the project included: • Automation via systems integration that allows parties to extract key information from their systems to confirm withholding tax rates on dividends • Audit and verification, for near real-time validation of dividend events and withholding rates • Document exchange between parties in near real-time TaxGrid is a new solution to the familiar problem of withholding tax rates on dividend income from global investments. Robotham said that the numbers breakdown like this: These organizations participated in the project: • Top IT certifications to increase your salary (free PDF)(TechRepublic)
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