The Real Time Economy Program in Finland (2006- ) did early on set goals like:
- Real Time Tax reporting of salaries, pensions and social support (for salaries ready in 2019 - rest in 2020). Dividend, interest and other investment income already there.
- Full migration to electronic structured invoicing and e-receipts
- Automated accounting and automated real time VAT-reporting
- Digitalisation of all shares and real estate ownership
- Automated credit processes based on real time accounting and ownership data
- Use of data needed for automation of processes also for national economy forecasting
It is of course only a question of time before this will be the case - and the wisdom from icehockey should be applied: Do not go where the puck is - go where it is going...
As to economy forecasting I presented the Ministry-of-Finance-4-big-screens vision at the EU Internal Market Advisory Council a couple of weeks ago:
1. Real time income screen. Total per day/month and year. Per kind of income, region, industry, skills, age, gender etc and how it reacts to monetary policy, budgets, forecasts, news etc
2. Real time spending screen. Based on real time VAT reporting delivering e-invoice and e-receipt data (EAN-code granularity). Total per day/month and year. Per region, type of sellers, type of buyers, type of goods and services etc and
how it relates to gross and net salary development, social benefits, change in taxation, fx rates, stock exhange development, economy forecasts, elections, product news etc
3. Real time savings and investment screen. Changes in bank deposits, investments in funds, listed and unlisted shares, real estate etc, Total per day/month and year. Per cathegory, region, type of investor etc and how it relates to income,
taxation, economy forecasts etc
4. Real time turnover screen. Based on the real time VAT-reporting or automated real time accounting corporate turnover per day/month and year. Per industry, region, size of companies, type of companies etc.
All this without endangering business secrets and privacy. And without adding additional costs to enterprises - or eating into huge savings (direct savings 400?bn/year on EU-level + plus equally? big other productivity improvements. lower
risks and less grey economy benefits. Naturally using both DLT to save costs and improve security further and learningAI to improve the forecasts. The presentation was said to have given food for thougth...
Would be interesting to hear possible arguments against this..