What does the "Fiscal Peace" package contain? - Taxes start working, Artificial Intelligence comes into "play"
The tax administration has begun work on assessing the implementation of the so-called "fiscal peace" package.
But what is the "fiscal peace" package?
The General Directorate of Taxation explains that fiscal peace will be an agreement between the Tax Administration and businesses generated with the help of Artificial Intelligence, which avoids tax audits, improves the business climate, but on the other hand guarantees the collection of tax obligations.
Taxes clarify that in generating this agreement, the following will be taken into account: economic performance; other business-specific factors and algorithms generated by Artificial Intelligence.
The goal of this package is fairer and more transparent taxation for businesses.
This package was presented a day ago by the government, with the argument that it will be used to combat informality in the economy, especially in sectors such as tourism, where this phenomenon is even higher.
In the presentation made the day before, it was explained that "Fiscal Peace" has three main components. The first is the agreed tax on profit.
The second component is the review of financial statements, and the third is the forgiveness of tax liabilities and interest on arrears. Under this package, the business will be exempted from tax control during the agreement period. Businesses will be given the opportunity to pay the full liability, in order to benefit from the forgiveness of fines and interest on arrears.
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