Welcome to summitto’s blog, the blog and newsroom about everything related to VAT and technology!
We created this blog to inform people about the latest developments around summitto and to provide insights in topics closely related to what we do: combating VAT fraud through our blockchain based invoice registration system called TX++. We will discuss e.g. VAT, VAT fraud, blockchain, cybersecurity, cryptography and many more related topics.
Summitto started its endeavours to fight VAT fraud in 2017. Since then, we have come a long way. We won i.a. the SBIR prize set out by the Netherlands Enterprise Agency and we were successfully accepted into the Horizon 2020 SME program. Throughout the European Union (EU), governments are realising that our solution has a great potential to significantly tackle VAT fraud. We had the opportunity to present our idea with different leading institutions such as the, the European Commission, IVA, IOTA and various tax authorities across the world.
The current VAT system has existed since 1993. Although it’s a fairly efficient system, several flaws result in annual losses that amount to 50 billion euro due to VAT fraud. Different solutions have been proposed. However, no EU wide consensus has been reached yet for any single solution. We will post relevant articles in this rapidly changing field of VAT and VAT fraud.
One of summitto’s main concerns is security. We believe that the best and only VAT system is a confidential VAT system. Therefore, TX++ has been developed in the spirit of the GDPR. By leveraging modern cryptography, our system is able to fight VAT fraud without storing any actual invoice data. We’ll dive deeper into cryptography in future blog posts. It is an essential part of our system. Furthermore, we will also address the dangerous effects that data breaches and data abuse have on society. The costs of these events are higher than might appear at first glance.
Another topic that is of importance for summitto is electronic invoicing although not necessary to function properly it will enhance the efficiency of the overall VAT system. Electronic invoicing has various benefits compared to paper invoicing. It significantly enhances efficiency and can have a positive impact on the environment. Future posts will explain how electronic invoicing works and will analyse the adoption rate of electronic invoicing throughout the world.
Before we dig deeper into these and other subjects, the forthcoming blog will give a bit more background info about our system. It will provide an introduction to the advantages that blockchain brings in strengthening the VAT system. So stay tuned!
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