(PHOTO CREDITS: Courtesy THE STAR)
Business has evolved tremendously over the last few decades.
Incorporation of technology has brought about increased efficiency, greater convenience, economic development and improved problem-solving. The value-added results have positively impacted operations.
The entrance of new and tech-oriented players has not only resulted in inclusion and disruption but also created an interesting ‘digital economy’ ecosystem. This unprecedented transformation should be good news for governments as they have the potential to grow their domestic resource mobilisation.
However, the revenue authorities have been caught flat-footed in regulation and have not been able to assess, collect and account for revenues from the modern global economy. The current international tax rules are not up-to-date with the technological advancement in the business industry and therefore, need to be re-assessed.
