Russia’s Federal Tax Service (FTS) has stated its intent to use blockchain technology in getting away from statement-based mechanism of working with companies. FTS believes it would significantly simplify the exchange of documents and render an enormous accountancy staff unnecessary along with increasing the system’s overall efficiency.
According to Russian publication Izvestiya, Daniel Yegorov, the Deputy Head of the FTS said:
“Taxpayers strike deals, have their operations, execute relevant documents, put it all in their computers, post it, use analytics and then synthetics, then it ends up in their tax returns, then they give it to us, and we start unwrapping it all again.”
Yegorov noted that using blockchain technology would become the next strategic move after introducing online cashier’s offices to be launched in 2018. The technology would allow the entity to create a