The improvement of tax enforcement technology in the Fourth Industrial Revolution will take centre stage as South Africa prepares to host tax experts and heads of tax administrations from BRICS member countries next week.
Hosted by the South African Revenue Service (SARS) the meeting will take place at the Hilton Hotel in Sandton on Monday.
“The tax meetings will discuss contemporary tax issues such as the improvement of tax enforcement technology with a focus on the Fourth Industrial Revolution. Digitalisation is regarded to be the most significant development of the world economy since the industrial revolution,” said the SARS on Wednesday.
Ahead of the four-day meeting, the revenue service said the development of digitalisation creates opportunities for innovation, investment, new business and jobs. This also it said, is one of the main drivers of sustainable development.
“However, the taxation of the digital economy has not fully reflected the advantages created by the spread of technology. This meeting will also explore new approaches to taxation governance and economic and technological cooperation which is expected to contribute significantly to the improvement of a global economic governance system.”
The Brazil, Russia, India, China and South Africa (BRICS) tax meetings follow on BRICS Customs meetings held in April this year, which contributed to creating an enabling framework for BRICS Customs cooperation.
The outcomes of the meeting as well as any agreements reached will be announced by acting SARS Commissioner Mark Kingon at the end of the meeting on Thursday.