In previous blog posts we explained how our real-time reporting system (sometimes called CTC system) is able to reduce VAT fraud and close the VAT gap without collecting any actual invoice data. Our system has many similarities to existing real- and near-time reporting systems (after this referred to as a ‘reporting system’), which an increasing number of EU Member States are implementing. We support this development as we believe that reporting has really proved to be an excellent tool to close the VAT gap. Our system comes with additional confidentiality benefits both for businesses and governments by making use of modern cryptography. However, we believe that existing solutions should not be replaced immediately as they are a great step forward in the fight against fraud. In the following we will show how those existing systems can easily be made interoperable with TX++ by building a BRIDGE.
Basic Reporting for Intra-Community Documents and General Exchange
Source: summitto.com
