Sales tax automation giant embrace bitcoin, added to the tax payment system
Sales tax automation giant Avalara, currently has bitcoin payment into its tax system. According to the relevant laws of the European Union, bitcoin as a means of payment, such transactions shall be exempted from value-added tax, thereby reducing transaction costs. The implementation allows the company to pay the corresponding business tax in jurisdictions with bitcoin. The block chain technology can keep the transaction information, the “deterministic function” and “single function” can ensure the security of.
Avalara is a company located in Seattle to provide automated tax services for the company’s supplier company, currently has bitcoin payment into the tax system, according to Accounting Today reported that Avalara plans to explore the blockchain Technology Conference in New Orleans on Wednesday.
Project executive vice president Peter Horadan will block chain and mobile phone comparison. He said the blockchain technology can also like the telephone used in people’s daily life.
Horadan said the NASDAQ (National Association of Securities Dealers Automated Quotation System) to securities trading block chain technology. He said the blockchain can share ledger tracking assets ownership, funds transfer information display company. The transfer of the technology also can track the real estate and other projects.
Avalara first launched bitcoin module
The CPA practice Advisor (CPA Practice Adviser) said recently in the Avalara AvaTax tax system introduced the bitcoin module. This function can calculate the bitcoin transactions in the business tax, for retailers, digital wallets and other digital currency bitcoin transaction processor real-time calculation of business tax and value-added tax.
Through the use of the digital currency company provides tools for precise tracking, management and record transactions, Avalara make the tax jurisdiction mechanism of legal tax. The Avalara of the business tax, use tax and value-added tax (VAT) system can make use of every company in the world.
Said Webb Stevens for Avalara AvaTax:
With bitcoin payment transactions in the business tax is an important step to support bitcoin driven business model.
This is the booster of bitcoin?
U.S. technology blog Geekwire believes that this initiative will make bitcoin companies interested in better use of bitcoin, and other transactions with the digital currency.
AvaTax will calculate the company needs in jurisdictions with the number of bitcoins to pay taxes, so there may be a digital currency that they exchange the correct amount of timely tax (government support).
These measures give the number of new monetary responsibility, and digital money have often been linked to illegal transactions that.
Block chain benefits
Horadan said the transaction recorded in the block chain will remain, it is impossible to remove the transaction information.
He said, security is another advantage of the blockchain. The owner of a chain block data encryption key, can provide proof to the transaction.
Block chain has a deterministic function as “Horadan”. A part of the transaction can see whether the other party’. The other mode could not check this transaction, usually after a few days after the bank remittance confirmation to see.
Block chain also has a “single function”. One side can not put the same amount of dollars to different people. Horadan said:
“I can transfer a real estate transfer, but not many.”
A prospective participant
Scott CEO McFarlane Avalara said the company has been developing new technology. He said Avalara is a fast growing software company in the transaction tax and business tax on such business is doing well.
McFarlane started the company in 12 years ago, has made five acquisitions, including value-added tax and consumption tax application NV technology value-added tax compliance software developers and FuelQuest Zytax.
McFarlane has become the company issued a “Mars mission statement”.
Avalara also recently introduced CertCapture mobile application (CertCapture Mobile Scan App scan), at any time can make the company in the sale process, real-time upload file security compliance.