HMRC explores the potential of open banking to 'streamline' tax
HMRC explores the potential of open banking to ‘streamline’ tax By Ian Hall on 16/12/2020 HMRC: the department wants to encourage the digitalisation of tax administration | Credit: Global Government Fintech The UK’s HM Revenue & Customs (HMRC) is investigating how it can use small businesses’ and self-employed individuals’ real-time financial transaction data, obtained with their permission through open banking, to calculate and collect tax. Open banking enables account holders to share financial data with third parties using APIs. The UK is widely seen as a leading nation when it c...
Source: globalgovernmentforum.com