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Estonia wants to become a 'country as a service'

businessinsider.com

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Re: Estonia wants to become a 'country as a service'

#31

Post by nordify »

qaq wrote: post #10
tzaman wrote: post #8

Imagine this becoming a thing. Where anyone could eventually become Estonia's resident with all the rights (and of course responsibilities) equal to the people actually living there. Once other nations would follow, then the borders would truly start to disappear because it wouldn't really matter where you are located. No more us and them, just people of the earth. I know it's way too optimistic and this solution pro…

Well tax laws apply to you based on your tax residence and your citizenship so this has very limited benefits if you are already living in a western country. Plus due to all the anti money laundering rules you will have tough time opening a bank account remotely.

Actually, Estonia just passed a law which will allow remote bank account opening for all e-residents.

Re: Estonia wants to become a 'country as a service'

#32

Post by superuser2 »

tyingq wrote: post #29
wodenokoto wrote: post #25

Earlier quoted context omitted.

It's their tax business.

It'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.

Yes, but you are required to retain much more detailed records and produce them upon request.

Re: Estonia wants to become a 'country as a service'

#33

Post by qaq »

nordify wrote: post #31
qaq wrote: post #10

Earlier quoted context omitted.

Well tax laws apply to you based on your tax residence and your citizenship so this has very limited benefits if you are already living in a western country. Plus due to all the anti money laundering rules you will have tough time opening a bank account remotely.

Actually, Estonia just passed a law which will allow remote bank account opening for all e-residents.

Passing a law and being able to implement it are 2 different things. If US decides to put pressure on banks they will comply.

Re: Estonia wants to become a 'country as a service'

#34

Post by tyingq »

superuser2 wrote: post #32
tyingq wrote: post #29

Earlier quoted context omitted.

It'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.

Yes, but you are required to retain much more detailed records and produce them upon request.

In 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.

Re: Estonia wants to become a 'country as a service'

#35

Post by PeterisP »

tyingq wrote: post #29
wodenokoto wrote: post #25

Earlier quoted context omitted.

It's their tax business.

It'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.

VAT 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.

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