How the lottery helps fight tax evasion
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The lottery and fiscal responsibility — we don’t usually think these two go hand in hand. Yet when it comes to tax compliance, several countries are using a lottery system of cash prizes to encourage proper invoices and fight tax evasion. It’s a recent trend in Europe, with Malta, Slovakia, Portugal, Greece, and Italy all on board.
But the clever strategy was pioneered by Taiwan way back in 1951! The nation's Uniform Invoice system requires businesses to issue lottery-enabled receipts, which incentivizes consumers to also demand receipts after a purchase. This not only fosters VAT and business income tax compliance but also creates a culture of meticulous financial transactions. (And if you don’t want to store a million scraps of paper, you can donate your lottery receipts to a local organization to increase their chances of winning. ??)
With the onset of e-invoicing, Taiwan is staying ahead of the curve by bringing the Uniform Invoice system online and streamlining its federal e-invoice platform for businesses, consumers, and bookkeepers alike.
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?????Finland increases its VAT rate from 24% to 25.5%.
?????Slovenia to make B2B e-invoicing and e-reporting mandatory by 2026.
?????Azerbaijan’s announces new VAT regulations for non-residents involved in e-commerce.
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