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A technological solution for the 50 billion EUR VAT fraud problem

Tax Authorities and factoring agencies in the EU are the victim of billions of Euros in invoicing fraud every year, and there has not yet been any good solution in sight. Until now. There were many attempts to solve the problem bu... ver más

31/05/2019

Summitto

71K€

Presupuesto del proyecto: 71K€

Líder del proyecto

SUMMITTO BV No se ha especificado una descripción o un objeto social para esta compañía.

TRL 4-5

Fecha límite participación Sin fecha límite de participación.

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Financiación concedida El organismo H2020 notifico la concesión del proyecto el día 2019-05-31

EIC-SMEInst-2018-2020: SME instrument

I+D

Cerrada hace 7 años

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No hay información privada compartida para este proyecto. Habla con el coordinador.

2 Participantes

Summitto

50.00K€ | Lider

N-LIFE

354.80K€ | Participante

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Duración del proyecto: 6 meses Fecha Inicio: 2018-11-30
Fecha Fin: 2019-05-31

Líder del proyecto

SUMMITTO BV No se ha especificado una descripción o un objeto social para esta compañía.

TRL 4-5

Presupuesto del proyecto 71K€

Fecha límite de participación Sin fecha límite de participación.

Descripción del proyecto Tax Authorities and factoring agencies in the EU are the victim of billions of Euros in invoicing fraud every year, and there has not yet been any good solution in sight. Until now. There were many attempts to solve the problem but none achieved consensus amongst all EU Member States. This tremendous societal problem is back in the focus of Member States and the European Commission. We solve this problem once and for all by creating a single source of truth for invoices. Tax Authorities will use our innovative blockchain protocol to let companies register invoices for VAT purposes. We will not only safeguard billions of Euros in VAT, but we will also create the biggest verified invoice registration network in the world. We were honoured to present our findings at the EU blockchain forum to members from DG HOME, AGRI, JUST and DIGIT (https://youtu.be/hPQXkQs7njg?t=3370). More importantly, DG-TAXUD also invited us to present for a select group of VAT experts. Our model is easily scalable within the EU due to the harmonized VAT law and the fact that VAT fraud prevention works the same in different Member States. This data can be used for more than just VAT registrations: we will give companies of all sizes access to commercial applications like factoring. In contrast to existing ideas to tackle VAT fraud, our solution offers privacy-by-design, it provides benefits to companies, and it can be implemented country-by-country. All reasons why we already 1) secured a cooperation with a Ministry to run a pilot 2) secured funding for our operations in the Netherlands. For both stakeholders we appended their letters of intent. As we ensure every single invoice can be used for various business processes, we do not only innovate, but disrupt markets. Both the increase in government revenues because of the enormous reduction in VAT fraud and the increase in efficiency of business processes will increase economic growth and create jobs throughout the EU.

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