21.02.2025 10:12
Forbes magazine stated that Turkey's National Vehicle Recognition System (UTTS), developed by the Revenue Administration, serves as a good example in the fight against the $1.4 trillion informal economy in the United States. The magazine emphasized that the UTTS, which has been criticized for its cost of 5 Lira and a price of 2,791 Lira, could play a critical role in addressing the issue of the informal economy.
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The American magazine Forbes commented that the National Vehicle Identification System (UTTS), established by the Revenue Administration to effectively combat the informal economy and prevent tax losses arising from fraudulent invoicing practices, offers an exemplary solution against the informal economy, which has reached a volume of $1.4 trillion in the U.S.
USED AS AN EXAMPLE
Forbes, one of the world's most prestigious business and economics magazines, cited Turkey's 'National Vehicle Identification System' (UTTS) as a good example in the fight against the informal economy, which is one of the biggest problems in the global economy. In an article titled "Digital transformation can enable the U.S. to combat the informal economy," the magazine addressed the volume the informal economy has reached in the U.S. in recent years and the steps that can be taken to solve this problem. The report emphasized that the informal economy is a significant threat that not only reduces tax revenues for governments but also finances organized crime structures. Forbes noted that digital transformation could play a critical role in solving this problem, stating that the UTTS implemented by the Revenue Administration serves as a good example of addressing the essence of the issue.
MEASURES AGAINST SMUGGLING
According to Forbes' analysis, organized crime groups today are going beyond traditional illegal income sources and are also operating in sectors that appear legal. The report highlighted that organized crime structures have a significant share, particularly in fuel smuggling and the energy sector, noting that organized crime groups in countries like Brazil and Mexico earn billions of dollars from fuel smuggling, resulting in significant tax losses for these countries.
UTTS PROVIDES MANY BENEFITS
Forbes highlighted the National Vehicle Identification System, announced by the Minister of Treasury and Finance Mehmet Şimşek in 2023 and set to come into effect in 2025, as an example of Turkey's steps in combating the informal economy. The magazine described the UTTS as a system aimed at digitally tracking fuel purchases and thus preventing tax evasion, stating that fuel purchases are automatically recorded through a label placed in the vehicle's fuel tank and a reader integrated into the fuel pump using radio frequency identification technology (RFID).
REAL-TIME RECORDING CAPABILITY
The article emphasized that thanks to the UTTS, vehicle license plate information is automatically transferred to the electronic cash register systems at fuel stations, that information regarding fuel purchases is recorded in real-time to prevent manipulation, and finally, that the state's revenues have increased by preventing tax losses. The magazine also noted that the UTTS can detect abnormal movements in fuel consumption through AI-supported analytical systems, identifying potential tax evasion attempts. Forbes stated that this innovation is a revolutionary step in the fight against the informal economy and could serve as an example for many countries, including the U.S.
REACHED A SIZE OF $1.4 TRILLION
The report stated that the informal economy poses a significant threat to the U.S. as well, with informal transactions reaching a size of approximately $1.4 trillion in the country's economy. The magazine emphasized that the U.S. needs to adopt digital transformation to conduct a more effective fight against the informal economy. It was expressed that the U.S. could combat the informal economy through digital transformation by developing a system similar to the UTTS, while it was noted that the Washington administration made a $500 billion private sector investment in artificial intelligence in 2024 and took decisions to accelerate the adoption of this technology in government institutions.
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