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. 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.

https://summitto.com

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