Kazakhstan to Move VAT Reporting to Blockchain
According to Sanzhar Kettebekov, CEO of Almaty Tech Garden, Kazakhstan is working on blockchainizing VAT data bases. As reported by local oublication LS, currently the project team is working on electronic invoices.
“Now we’re developing mechanisms that could make reporting more transparent and efficient. For now, electronic invoices are recorded in database ledgers. For that reason, tracing the entire chain isn’t always possible as it often just rips. That’s the current problem in the VAT system. Blockchain would enable us to trace the entire path, so the process will get more transparent,” Mr. Kettebekov explained.
If the Kazakh ministry of finance approves the project once the preparatory works are over, the system may be rolled out for a trial run this year.
“I may say it would be the first step in blockchainizing inter-bank transactions. Many national banks, like the Bank of England or the Bank of Switzerland, are experimenting with that,” Mr. Kettebekov noted.
The public revenue department of the republic’s ministry of finance has also stated that the working group on economic improvement also concedes using blockchain technology.
“In order to get more details on said technology we plan to hold a meeting with KazakhTelecom which concedes using the technology in telecom industry,” the department stated.
In late 2016, Kazakhstan National Commonwealth Fund was set to become private, with blockchain technology cited among the main features of the renewed establishment.
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