Effects of Digitalization of the Finance Sector on the Operational Costs of Tax
Chapter from the book: Özer, G. & Yücel, R. & Er, H. (eds.) 2023. Digital Transformation in the Finance Sector.

Serdar Şahin
Bolu Abant İzzet Baysal University
Hayreddin Özden
Bolu Abant İzzet Baysal University

Synopsis

The aim of the study is to determine the effect of the use of today's advanced technologies in financial markets on the operational costs of taxation.  The use of technology, which has been advancing in line with the current technological developments since the 1800s, in financial markets where the most important means of exchanging money and its derivatives are subject, provides significant advantages to both the state and taxpayers in the realization of taxation transactions. The said advantages are determined as security, speed, effective control, and ease of operation for the state, and for taxpayers; reliability, ease of transaction, and time-saving. In addition, the use of FinTechs in financial markets increases voluntary compliance with taxes and supports the fight against environmental pollution by preventing paperwork and reducing carbon emissions from travels to pay taxes. In the study, it was concluded that the widespread use of FinTech in financial markets had a positive effect on the operational costs of the tax, but it was observed that there was a time delay between us and developed countries due to the fact that technological developments in Turkey were made in the form of purchases from abroad. The main reason for this is our country's lack of human resources with financial literacy and training for technology development. In this context, it has been concluded that in the programs for technology development at the higher education level, the courses for financial markets should be added to the curriculum as an elective, and the state should support technological initiatives for financial markets.

How to cite this book

Şahin, S. & Özden, H. (2023). Effects of Digitalization of the Finance Sector on the Operational Costs of Tax. In: Özer, G. & Yücel, R. & Er, H. (eds.), Digital Transformation in the Finance Sector. Özgür Publications. DOI: https://doi.org/10.58830/ozgur.pub245.c1072

License

Published

September 27, 2023

DOI