Blockchain Initiatives for Tax Administration

A thriving body of literature discusses various legal issues related to blockchain, but often it mixes the discussion about blockchain with cryptocurrency. However, is not same as Defined a decentralized, immutable, peer-to-leer ledger technology, newly emerging data management system. The private sector—including financial industry and supply chains—and public sector—property records, health, voting, compliance, have all begun utilize blockchain. Since more processed remotely, thus digitally, evolution gaining stronger momentum. While scholarship on growing, none has considered impact tax sector. This Article extends study administration, evaluates feasibility incorporating within existing administrations, provides policymakers criteria consider some recommended designs for Blockchain can enhance efficiency transparency administration through its ability deliver reliable, real-time information from many sources large audience. Further, well-designed consortium evolved classic may effectively protect taxpayers' information. Potential areas that could are payroll taxes, withholding value added transfer pricing, sharing between federal, state, local governments well countries. This offers normative considerations deliberating initiatives such timeline, standardization, integration other systems, limitations, accompanying legislation regulate government taxpayer’s rights privacy. Those implications resonate broader audience beyond policymakers.