Finance and insurance technology at a special conference… The Minister of Finance to Al-Watan: We are keen to achieve tax justice, and the next phase will see an acceleration in the implementation of electronic connectivity

Kinan Yaghi, Minister of Finance, during the conference on finance and insurance technology, which was held yesterday in the Umayyah Hall in the Sheraton Hotel in Damascus, emphasized the importance of electronic communication between institutions and entities working in the financial sector for his great role in simplifying it. procedures, achieving transparency and fighting corruption, indicating that the ministry has started to automate tax work and will soon finish preparing my project Electronic character and electronic award of financial disclosure patents.

The Minister considered that the conference contributes to the introduction of the importance of financial technology in life and the exchange of ideas and suggestions with specialists and experts, emphasizing the importance of coming up with suggestions and recommendations that help to improve performance develop and to set correct and logical goals that are able. to push the banking and insurance sector forward in the world of digital transformation.

In a statement to Al-Watan, the minister said that during the next phase there will be an acceleration in the implementation of the electronic link with the taxpayers, and that the Ministry of Finance is keen to know the actual working number of the taxpayers. achieve and tax to achieve justice by assignment justice that depends on real data.

Meanwhile, Minister of Communications and Technology, Iyad Al-Khatib, explained that the national strategy for digital transformation does not only mean the digitization of data and automation of work, but also includes an investment in thinking and a change in behavior to improve performance efficiency improve in various sectors.

And among the programs of this strategy is the financial management program that aims to digitize financial services with a joint work between the telecommunications and financial sectors, which calls for the utilization of the available capacities of various public and private agencies for the reconstruction of Syria with its active sectors and the strengthening of cooperation in the field of technology and electronic payment instruments between the government and private institutions.

The governor of the Central Bank of Syria, Muhammad Essam Hazeem, said that the work on the electronic link project between all operating banks, after the completion of the electronic link between four private banks, will enable the use of ATM cards on a larger scale make, and call for the development of financial technology tools that are currently in use and benefit from the support of the private sector in this field.

During the discussions that took place in the first session, Dr. Muhammad Khair Al-Akkam in his intervention considers that the (partial) electronic link does not achieve parity between the taxpayers, which is contrary to tax justice, which talks about tax administration. , in that the taxpayers connected to the Finances will provide their financial data electronically without human intervention (manipulation or falsification), while in the other case the taxpayers who are not connected will be able to provide false data and therefore there will be no justice in the assignment.

Al-Akkam asked: What is the reference for allocation to the tax administration? Is it the financial rules that apply to the finance departments or the law of trade, home affairs and consumer protection, and there is a difference in the allowable profit limits between them, and he also considered that the Tax Information Service is still dependent on estimates in its work without there being standards and technology that determine the validity of these estimates.

And in an explanation to “Al-Watan” between Damascus Financial Director Muhammad Eid that the electronic link is implemented at the level of sectors such as the tourism sector, and currently it is linked to all the tourist facilities identified within. the target group with the electronic link and therefore all the tourist facilities (of the same levels) are connected to His data will be provided electronically and there will be fairness and equality between the different tax payers.

The Director General of the Tax and Fees Authority, Munther Wannous, emphasized the importance of the electronic link process currently underway for the issued invoices between the tax administration and taxpayers, which indicates that the administration is working on a establish an electronic central database that includes the tax. life of taxpayers and their workplaces and numbers in preparation for linking this rule with the electronic payment system.

For his part, Director of Electronic Payments at the Central Bank of Syria, Imad Rajab, emphasized the importance of the solutions provided by technology to improve the performance of the banking sector, pointing out that the Central determines the minimum procedures taken must be opened. the bank account in a way that ensures speed in opening the account and shortens the effort, taking into account the risk systems and safeguards at each bank.

Many participants in the dialogues that took place during the conference sessions emphasized the importance of the prospects for electronic payment in Syria and its role in the stabilization of monetary and financial policies, the provision of banking services on digital platforms, personal and institutional finance, direct lending platforms, crowdfunding, and improving financial inclusion, and the importance of information technology and big data on the role of technology Finance in achieving tax justice and reducing tax evasion and the steps taken by the Ministry of Finance and Communications in this regard was taken.

While the Director General of the Insurance Supervisory Authority, Rafid Muhammad, in his presentation explains the most prominent new projects and programs launched by the Authority with the aim of developing the insurance sector in Syria and benefiting from electronic payment instruments in this regard.

The importance of electronic trading in the Damascus Stock Exchange and the trading of government bonds was discussed, for example the recent trading of treasury bonds in the market.

In addition to a number of interventions by directors of financial, banking and insurance institutions on the ways to be taken to improve the use of technology in electronic payment instruments, to establish links between companies, commercial activities, tax administration and to increase insurance programs that the expansion of provision of life and property insurance services against all risks insured.

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