CONFIDENTIAL REAL-TIME INVOICE REPORTING
CONFIDENTIAL REAL-TIME INVOICE REPORTING
CONFIDENTIAL REAL-TIME INVOICE REPORTING
CONFIDENTIAL REAL-TIME INVOICE REPORTING
Transparent on execution, private on data
Transparent on execution, private on data
Transparent on execution,
private on data
Combatting VAT fraud, reduce the administrative burden of companies and increase compliance.
Combatting VAT fraud, reduce the administrative burden of companies and increase compliance.
BLOCKCHAIN-BASED TRIPLE ACCOUNTING SYSTEM
BLOCKCHAIN BASED TRIPLE ACCOUNTING SYSTEM
BLOCKCHAIN BASED TRIPLE ENTRY ACCOUNTING
CONFIDENTIAL REAL-TIME INVOICE REPORTING
Watch our presentation at the European Commission
VAT In The Digital Age Conference - Brussel Dec. 2019
Watch our presentation at the European Commission
VAT In The Digital Age
Conference - Brussel Dec. 2019
Watch our presentation at the European Commission
VAT In The Digital Age Conference - Brussel Dec. 2019
Watch our presentation at the European Commission
VAT In The Digital Age Conference - Brussel Dec. 2019
Confidential Real-time invoice reporting
Confidential Real-time invoice reporting
Confidential Real-time invoice reporting
We build open source software for governments that allows companies to register invoices and report VAT. We help them to combat VAT fraud, reduce the administrative burden of companies, and increase compliance.
The relative ease with which various forms of invoicing fraud can occur today has led to a VAT-gap of 137 billion EUR per year in the EU alone, of which an estimated 50 billion is due to Missing Trader Intra Community Fraud. As seen in the animation, companies disappear before they pay their collected VAT to the Tax Authority.
That’s why we have built the world’s first blockchain-based real-time invoice reporting system, called TX++. The registration of invoice fingerprints on an external ledger allows for many applications and improvements in compliance. For the first time, VAT fraud can be tackled in a confidential way. We have created a truly safe system by focusing on privacy from the start and by maintaining a privacy-by-design philosophy.
We build open source software for governments which allows companies to register invoices and report VAT. We help them to combat VAT fraud, reduce the administrative burden of companies and increase compliance.
The relative ease with which various forms of invoicing fraud can occur today has led to a VAT-gap of 137.5 billion EUR per year in the EU alone, of which an estimated 50 billion is due to Missing Trader Intra Community Fraud. As seen in the animation, companies disappear before they pay their collected VAT to the Tax Authority.
That’s why we have built the world’s first blockchain based real-time invoice reporting system, called TX++. The registration of invoice fingerprints on an external ledger allows for many applications and improvements in compliance. For the first time, VAT fraud can be tackled in a confidential way. We have created a truly safe system by focusing on privacy from the start and by maintaining a privacy-by-design philosophy.
We build open source software for governments which allows companies to register invoices and report VAT. We help them to combat VAT fraud, reduce the administrative burden of companies and increase compliance.
The relative ease with which various forms of invoicing fraud can occur today has led to a VAT-gap of 137.5 billion EUR per year in the EU alone, of which an estimated 50 billion is due to Missing Trader Intra Community Fraud. As seen in the animation, companies disappear before they pay their collected VAT to the Tax Authority.
That’s why we have built the world’s first blockchain based real-time invoice reporting system, called TX++. The registration of invoice fingerprints on an external ledger allows for many applications and improvements in compliance. For the first time, VAT fraud can be tackled in a confidential way. We have created a truly safe system by focusing on privacy from the start and by maintaining a privacy-by-design philosophy.
What are we doing?
What are we doing?
Some real-time invoice reporting systems try to combat VAT fraud by centrally “clearing” invoices. Although these systems have the potential to fight VAT fraud and close the VAT gap, they are vulnerable for cyberattacks and do not ensure the confidentiality of the taxpayer. The infringement of confidentiality could be costly, think of e.g. valuable pricing information falling in the wrong hands.
We replace costly and inefficient after-the-fact audits with real-time risk checks. TX++ can automate VAT fraud detection by linking input and output VAT. By using modern cryptography, transaction amounts, origin and destination can be masked effectively to provide confidentiality.
To allow for a broad participation and acceptance, our software will be open source and transparent, which will allow all participants to verify how data is shared.
Some real-time invoice reporting systems try to combat VAT fraud by centrally “clearing” invoices. Although these systems have the potential to fight VAT fraud and close the VAT gap, they are vulnerable for cyberattacks and do not ensure the confidentiality of the taxpayer. The infringement of confidentiality could be costly, think of e.g. valuable pricing information falling in the wrong hands.
We replace costly and inefficient after the fact audits with real-time risk checks. TX++ can automate VAT fraud detection by linking input and output VAT. By using modern cryptography, transaction amounts, origin and destination can be masked effectively to provide confidentiality.
To allow for a broad participation and acceptance, our software will be open source and transparent, which will allow all participants to verify how data is shared.
What are we doing?
What are we doing?
Some systems try to only combat the VAT fraud aspect by central clearing of invoices. Such central systems are not only vulnerable, but also do not ensure confidentiality nor deliver incentives for companies to participate.
Costly and inefficient after the fact audits, get replaced with real-time risk checks. Once in place, this system will not only eliminate the need for VAT-reporting but also allow to facilitate other applications based on the data. Using new cryptographic signature schemes, transaction amounts, origins and destinations can be masked effectively to and provide confidentiality.
To allow for a broad participation and acceptance, our software will be open source and transparent, which will allow all participants to verify how data is shared.
Some systems try to only combat the VAT fraud aspect by central clearing of invoices. Such central systems are not only vulnerable, but also do not ensure confidentiality nor deliver incentives for companies to participate.
Costly and inefficient after the fact audits, get replaced with real-time risk checks. Once in place, this system will not only eliminate the need for VAT-reporting but also allow to facilitate other applications based on the data. Using new cryptographic signature schemes, transaction amounts, origins and destinations can be masked effectively toand provide confidentiality.
To allow for a broad participation and acceptance, our software will be open source and transparent, which will allow all participants to verify how data is shared.
The future of invoicing
Tax administrations can soon combat VAT fraud, guarantee confidentiality of companies and increase compliance. Meanwhile, once a tax authority implements TX++ to close the VAT gap, factoring agencies, accountancy software providers and individual developers will be able to make use of the fact that the integrity and authenticity of an invoice can be validated more easily.
Go here to find out what our system can do for you!
Tax administrations can soon combat VAT fraud, guarantee confidentiality of companies and increase compliance. Meanwhile, once a tax authority implements TX++ to close the VAT gap, factoring agencies, accountancy software providers and individual developers will be able to make use of the fact that the integrity and authenticity of an invoice can be validated more easily.
Go here to find out what our system can do for you!
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This project has received funding from the European Union’s Horizon 2020 research and innovation programme. (link)