Ernst And Young Partners With The UK Government To Create A Blockchain-based Tax Solution
As part of the effort to solve cross-border tax withholding issues, the UK authorities are partnering with top tax firm, Ernst and Young global limited (EY), to create a comprehensive blockchain solution to this problem.
Persistent Cross-Border Tax Withholding Issues For The UK Government
Often, two factors result in issues with foreign withholding tax – lost data from the traditional data saving processes and false shared data because of privacy worries. EY stated that it had thoroughly researched the global withholding tax processing to improve the taxation process among European member nations. EY’s global vice chair on transformation, Hank Prybylski, opined that the company’s analyst concluded that the best solution to this malaise is blockchain technology.
He further said the project is guaranteed to be seamless without any technical or legal glitches for industries. Thus, taxpayers can access a technology that solves their demands and enhance digital transformation. The solution termed TaxGrid is developed using EY’s proprietary blockchain-built solution, which integrates data between intermediaries and recognized tax authorities.
EY retains data privacy among those using its technology. The project utilizes a zero-knowledge proof of technology to give taxpayers the confidence that the system is secure. Hence, taxpayers can disclose their personal details without fear of a privacy breach.
Other Parties Involved In The Partnership
Apart from UK‘s tax collection agency, some tax authorities from other countries were involved in the withholding tax partnership. They include tax officials from Norway and the Netherlands. Also, top financial institutions that were also part of the process include northern trust, Citibank, JPMorgan, and the French banking group.
EY experts collaborated with experts in other fields to develop proven evaluation processes and test each phase of the system to identify and remove bugs from it. This solution utilizes smart contracts to tokenize investment entitlements and deploy them on blockchain wallets owned by financial institutions.
It is noteworthy that EY has been exploring blockchain technology and developing blockchain-built tax solutions. One of such solutions is Cryptopeep, a tax app that makes tax filings easy for the average American. EY’s proprietary blockchain technology has been the ideal solution to tax problems faced by tax regulators and taxpayers. Through this new solution, the European Commission can have a basis for creating an EU-centric withholding tax solution.
AS Roma Partners With Zytara Labs
As the popularity of blockchain technology continues to expand into all sectors, it is gradually expanding better in the soccer world. Today, blockchain financial technology (FinTech) firm, Zytara labs, announced that it had signed a 3-year partnership deal with a top Italian football club, AS Roma.
The deal covers NFT souvenirs, jersey sponsorships, and other miscellaneous associated with the club. AS Roma players will wear the first set of Zytara-sponsored jerseys during their pre-season friendly between Montecatini and AS Roma. The proceeds from the sale of these jerseys will be donated to a not-for-profit organization in Rome called Roma cares. The contract length and the gross value of this sponsorship make it the largest relationship between a blockchain firm and a top sports club.
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