Description: The 'International tax information collection' digital business capability refers to the ability of a business to leverage digital tools and technologies to gather, manage, and analyze tax-related data from international operations. This capability involves understanding and complying with various international tax laws and regulations, processing and storing large volumes of tax data securely, and using advanced analytics to derive insights for tax planning and decision-making. It also includes the ability to seamlessly integrate with other systems and processes, such as financial management and reporting, to ensure accurate and timely tax information collection and reporting. This capability is crucial for multinational businesses to ensure tax compliance, minimize tax risks, and optimize tax strategies across different countries. Additional information: The 'International tax information collection' digital business capability refers to the ability of a business to leverage digital technologies to gather, process, manage, and analyze tax-related information from international sources. This capability is essential for businesses operating across borders, as it helps them comply with various international tax laws and regulations. This capability involves several key components: 1. Data Collection: This involves the use of digital tools and platforms to collect tax-related data from various international sources. This could include tax rates, tax laws, tax treaties, and other relevant information from different countries. 2. Data Management: Once the data is collected, it needs to be managed effectively. This involves storing the data in a secure and accessible manner, ensuring its accuracy and consistency, and updating it regularly to reflect any changes in international tax laws or regulations. 3. Data Analysis: This involves the use of analytical tools and techniques to make sense of the collected data. This could involve identifying trends, making predictions, and generating insights that can help the business make informed decisions about its international tax strategy. 4. Compliance: This involves using the collected data to ensure that the business is complying with all relevant international tax laws and regulations. This could involve preparing and filing tax returns, making tax payments, and responding to any inquiries or audits from tax authorities. 5. Reporting: This involves generating reports that provide a clear and accurate picture of the business's international tax position. These reports can be used for internal decision-making purposes, as well as for external reporting to stakeholders and regulatory authorities. 6. Automation: This involves the use of digital technologies to automate various aspects of the international tax information collection process. This could involve using AI and machine learning algorithms to collect and analyze data, or using robotic process automation (RPA) to automate routine tasks. 7. Security: This involves protecting the collected tax information from unauthorized access, use, disclosure, disruption, modification, or destruction. This could involve using encryption, access controls, and other security measures. By developing this digital business capability, businesses can ensure that they are able to navigate the complex world of international taxation effectively and efficiently. Example: 1. IRS (Internal Revenue Service) - United States: The IRS has a digital business capability that allows it to collect international tax information. This includes information on foreign bank accounts, foreign income, and foreign tax credits. The IRS uses this information to enforce tax laws and ensure that all individuals and businesses are paying the correct amount of taxes. 2. HMRC (Her Majesty's Revenue and Customs) - United Kingdom: HMRC has a digital system in place for collecting international tax information. This includes information on offshore accounts and assets, foreign income, and international business transactions. This information is used to ensure tax compliance and to combat tax evasion and fraud. 3. ATO (Australian Taxation Office): The ATO has a digital capability for collecting international tax information. This includes information on foreign income, foreign assets, and foreign tax credits. The ATO uses this information to enforce tax laws and ensure that all individuals and businesses are paying the correct amount of taxes. 4. CRA (Canada Revenue Agency): The CRA has a digital system in place for collecting international tax information. This includes information on foreign income, foreign tax credits, and foreign property. The CRA uses this information to ensure tax compliance and to combat tax evasion and fraud. 5. INZ (Inland Revenue Department) - New Zealand: The INZ has a digital capability for collecting international tax information. This includes information on foreign income, foreign assets, and foreign tax credits. The INZ uses this information to enforce tax laws and ensure that all individuals and businesses are paying the correct amount of taxes. Publisher: EIRA Team LOST view: OV-Digital Business Capabilities Catalogue Identifier: http://data.europa.eu/dr8/egovera/InternationalTaxInformationCollectionCapability EIRA traceability: eira:DigitalBusinessCapability EIRA concept: eira:SolutionBuildingBlock Last modification: 2023-07-27 dct:identifier: http://data.europa.eu/dr8/egovera/InternationalTaxInformationCollectionCapability dct:title: International tax information collection (DBC)