Report invoices yourself now! https://portal.summitto.com
Over the last couple of years, we have spoken to governments, business associations and taxpayers in different parts of the world. We were even honoured to present our solution as keynote speakers to the European Commission at the ‘VAT in the Digital Age’ conference. Furthermore, we published articles, written explanatory blog posts and spoke to dozens of VAT experts. Some of them were even willing to share their knowledge in our blog series VAT Talks. Now, we are extremely happy to announce the first public pilot of our confidential real-time reporting system, which is available in English, French, German and Dutch!
What is real-time invoice reporting?
Previously, we discussed the latest VAT gap report published by the European Commission. The report found that the VAT gap might increase by 17% in 2020. This corresponds to a VAT gap of €164 billion! Furthermore, the amount of VAT fraud committed still is around €50 billion annually. To fight this fraud and close the VAT gap, we developed a confidential real-time invoice reporting system.
In short, when a tax authority implements real-time reporting, all companies will be required to upload their invoices to the tax authority. This allows the tax authority to ‘trace’ the invoices and link the VAT return of the buyer to the VAT return of the seller. This makes it impossible to report an amount of VAT that does not correspond with the amount of VAT stated on the invoice. Therefore, the amount of VAT fraud will be reduced and overall compliance will increase. By applying modern technologies, such as modern cryptography and blockchain, summitto’s real-time reporting system is more secure and business friendly than any existing solution.
In other words, summitto’s real-time reporting system allows tax authorities to close the VAT gap, while at the same time companies will be guaranteed that their invoice data is well protected (for more details read our blog post about invoice hashing. Protecting this data is essential because businesses don’t want their pricing information to be exposed, as that could significantly hurt the companies involved in such a data breach.
Let’s now have a look at how that works in practice!
How to report invoices in a secure way?
Although most invoices will be automatically reported to our systems via company’s bookkeeping software or ERP system, companies that do not have the possibility to fully automate the invoice reporting process can use our webportal, for which we launched a pilot!
To make use of this webportal, go to: https://portal.summitto.com
When you scroll down, you see a brief explanation of our confidential real-time reporting system (called TX++) and you can watch a video to be optimally prepared for reporting your own invoices. After watching the video, scroll down a little bit further and click on ‘Register invoices’. Once you have created an account, you can start reporting invoices!
After you are logged in a tutorial will pop-up. This will teach you the basics of confidential real-time invoice reporting. After that you will be ready to report your very first invoice (make sure to pick a Dutch VAT number e.g. NL123456789B01)! We hope you will experience how easy it is for companies without a bookkeeping software system and/or integrated ERP system, to report invoices in a secure way.
If your tax authority or representative body is interested in experiencing a further demonstration of the system, please send us a message via email@example.com