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Seems like it'll be a non-starter for most sane businesses given the insane reporting requirements. we started to ask companies to give us more data. The reaso
by mattmanser 11y ago
Seems like it'll be a non-starter for most sane businesses given the insane reporting requirements.
we started to ask companies to give us more data. The reason is we wanted to get rid of fraud. Currently, all the companies in Estonia are declaring their B2B deals. If I’m a company and you’re a company and I buy something off you and it’s more than €1,000, we both have to declare it
- reustle 11y agoHow is this insane? It's just about keeping very clear logs of the transactions, right? I's not like in the US they don't know where my money transfers are coming from.
- Bartweiss 11y agoI guess it's the thousand Euro minimum? CTRs in the US are min $10,000, but that doesn't seem like an overwhelming hurdle when the transaction is already being recorded somewhere. Most people auto-generate this stuff anyway.
- mattmanser 11y agoWhat business is it of a government what I spend money on?
- wodenokoto 11y agoIt's their tax business.
- tyingq 11y agoIt's unusual for a government to ask for recordings of individual transactions. Tax forms tend to ask for aggregate numbers on quarterly or yearly boundaries.
- superuser2 11y agoYes, but you are required to retain much more detailed records and produce them upon request.
- tyingq 11y agoIn unusual circumstances, like an audit perhaps. Many small businesses go their entire existence without sharing detail level transactions with the government. So, when it's proposed, it's unusual, and is worthy of concern.
- PeterisP 11y agoVAT administration tends to require transaction data. For sales tax based systems, total aggregate turnover is enough; but to monitor VAT you'd need at least the aggregate volume grouped by all your B2B (VAT paying) customers and suppliers.
- wmf 11y agoBut if they call it Estoniachain companies will be tripping over each other to get on the bandwagon.