EY to Launch Blockchain Solution to Simplify Tax Calculation – Bits Media

Ernst Consulting Company&Young (EY) completed the development of a blockchain solution, which should make life easier for citizens of different countries, earning income abroad.

The calculation of income tax for employees is usually quite simple - tax The agency already has declarations from companies and on their basis calculates the tax. However, everything changes, When a citizen works abroad, a foreign company is not obliged to submit reports to the department of another country. Therefore, the employee himself provides declarations to the tax service. And tax calculation is associated with a significant amount of paper work. Besides, questions arise about trust in the data provided.

Thanks to the blockchain, the EY decision allows you to reliably and safely exchange financial information between tax authorities and intermediate financial institutions. This will increase tax collection and reduce tax fraud.

Already now, tax authorities of Great Britain have been connected to the decision, Norway and the Netherlands. Among the financial institutions EY WH, BNP Paribas banks support, JPMorgan, CITIBANK и Northern Trust. Also, within the framework of the solution, the EY TaxGrid system was launched to exchange tax and financial information between different countries.

At the beginning of the month, EY launched a set of NightFall tools 3 To reduce commissions in the Ethereum blockchain, combining evidence with zero disclosure (ZKP) и Optimistic Rollup.