Big data refers to extremely large and diverse sets of structured, unstructured, and semi-structured data that continue to grow exponentially over time. These datasets are so huge and complex in terms of volume, speed, and variety that traditional data management systems cannot store, process, and analyse them.

The volume and availability of data is growing rapidly, helped by advances in digital technologies such as Internet connectivity, mobility, the Internet of Things (IoT) and artificial intelligence (AI). As data continues to expand and multiply, new big data processing tools are emerging that help companies collect, process and analyse data at the speed necessary to get the most out of it.

Big data describes large and diverse datasets that are huge in volume and also rapidly increase in size over time. Big data is used in machine learning, predictive modelling and other advanced analytics to solve business problems and make informed decisions. The concept of Tax Administration 3.0 provides government agencies with the opportunity to analyse and use big data in order to create a “smart map” of socially significant goods and services and price control. It also simplifies and clarifies the process of forecasting tax collection and budgeting by obtaining accurate and refined results. There is also such a key advantage for government agencies as preventive methods of tax collection control, since society is aware of the transparency of the entire system and actions within it. Moreover, the big data analysis feature also provides an advantage to businesses by providing financial performance data through a product tracking system. It should also be noted that such a feature is easily implemented as an additional addition to the existing system.