- Minimization of budget losses due to elimination of fraud related to Value Added Tax calculation
- Reduction of tax risks for honest tax payers
- Eliminating the problems of primary accounting statement unreliability, fiscal invoice forgery, reducing the number of errors
- Timely control and monitoring of digital invoices, providing information that improves the quality of desk audits.
- Providing electronic services related to electronic invoice interchange to commercial organizations
Background and implementation results
The main problems:
- Grey economy
- Incorrect tax calculation
- High cost of printing documents in paper (from 3 to 30$, depending on the country)
Additional budget revenue =
Losses from incorrect Value Added Tax calculation + a share of grey economy that becomes taxable + paper-based workflow expenditures – cost of solution ownership (leasing)
Solution implementation results
- A source of additional budget revenue
- Reduction of the grey economy scope
- Basis for correct tax calculation
- Reduction of costs on paper-based document workflows
- Speeding up tax invoice processing
- Creating favorable conditions for commercial organizations
- Creating of digital invoices, their transfer, monitoring, control, accounting, keeping, correction, and storage.
- Receiving the Value Added Tax data from the system for revision and processing.
- Receiving the desk audit data and other resources from the system to facilitate the desk audit control for the Value Added Tax and for excises.
- Providing summary data, results of Value Added Tax revision and processing and keeping the non-conformance register for Value Added Tax figures.
- Providing electronic services to commercial organizations for supporting the electronic document workflow operations.
- Keeping an authority-wide archive of digital invoices and other documents.
- Immediate and analytical reporting functionality.