TaxCore is a revolutionary platform developed by Data Tech International that serves as a tool for tax authorities to fight against the grey economy and tax fraud in the most flexible and convenient manner. The most important thing about TaxCore is that all the sides are satisfied – the platform is not created for the purposes and benefits of tax authorities only. TaxCore serves to taxpayers and consumers just as much as the government, tax authorities, and invoicing system developers.
TaxCore is a result of years–long solution finding and many efforts of developing a perfect tax data acquisition platform. The point of the platform is to help motivate consumers pay their taxes by also giving them transparency and knowledge of where their money goes and how it returns to them. Our experience vouches that the transition to TaxCore is very fast and effortless.
TaxCore is a product of the realization that there needs to be a transparent relationship between taxpayers and tax authorities. By achieving this, a system where the government gets the taxes and then returns it to the taxpayers through various projects and industries is created.
TaxCore is very simple to use, and its main purpose is to digitalize fiscal and tax collecting systems. The main issue with many tax collecting systems in the world is that they are too paper-based and bureaucratic, which means they are still stuck in the 20th century. Therefore, they are easily exposed to fraud and evasion. The basis of TaxCore is that every transaction must be digitally signed at the point of origin and that it must be easily verified and validated at the moment of issuing, regardless of whether the taxpayer is online or offline at the moment of issuing.
Some of the many TaxCore benefits are:
For Tax Authority
Significant increase in tax collection due to the registration of taxpayers' turnover;
The decreasing activity of gray economy share due to organized evidence of registered taxpayers, their activities, and their sales locations;
Suppression of tax evasion due to the comprehensive insight of all taxpayer’s activity;
The security of the whole system is based on proven technologies (PKI) and does not rely on 3rd party Vendors but on the Tax Authority itself.
Protecting honest taxpayers from unfair competition;
Eliminating unfair competition;
Minimizing the cost of compliance per taxpayer and per sales point;
Free Compliance (for the businesses that opt for the free solution);
Simplified Tax Returns;
Registration of both sales and purchases in business-to-business transactions enables easy cross-checking for processing tax returns and tax refunds;
Tax Authority and Taxpayer work with the same data which reduces the chance of misunderstanding;
No need to keep receipts or invoices in paper format;
Quicker Tax Refunds trough automatic validation of all sales and purchases;
Management and/or Owners will have better insight into business operation;
Small businesses will get simple reporting tools on Taxpayer Admin Portal.
For Invoicing System Vendors
Transparency and level playing field for all suppliers of fiscal equipment;
Affordable and simple Accreditation Process;
Modernizing sale outlets with management tools designed to better serve taxpayers’ business.
Rise of consumer awareness by receiving certified invoices along with purchased good or service, with a clear and true specification of tax amount dedicated to the government;
Getting incentives for activities under the Customer Compliance Award program;
Paperless (contactless) transactions (i.e. scan QR Code on point of sale to transfer receipt to a Customer or send an invoice by email).
Once a certain Tax Authority and Data Tech International reach an agreement on the implementation of TaxCore, there are certain steps that need to be made first. However, each and every one of these steps are crucial for the system to work effortlessly.
Although not the first step, enrolling taxpayers registered with the Tax Authority is by far the most crucial thing to do. Each registered taxpayer receives a personalized secure element that can be used as a key to log into the system. This will allow for a taxpayer to log in and see all issued invoices.
TaxCore provides a very high level of security to tax authorities and taxpayers. For this very reason, every taxpayer receives a Secure Element. The digital certificate is PKI based, which means that data is encrypted, and therefore, highly secure.
With TaxCore, you have the complete freedom of shaping your business according to its needs. As a taxpayer, you get to choose components of Electronic Fiscal Device (EFD) independently and tailor them to best suit your budget and needs. In other words, the one-fits-all device concept has become history.
TaxCore is revolutionary, but that doesn’t mean everything must change. Both tax authorities and taxpayers can benefit a lot from this platform.
TaxCore doesn’t necessarily require a cash register. It allows taxpayers to switch to smartphones if their businesses allow so. These smartphones only need to have an application that was carefully developed installed so it can behave as a Point of Sale. It’s as easy as that.
For taxpayers, this can mean a lot because it guarantees a reduced cost of compliance. For Tax Authorities, this means their taxpayers will find it a lot easier and faster to comply with the local laws.
Even though TaxCore is online-based, Internet connection is still a potential point of failure even in the most developed countries. That is why TaxCore can work semi-online, and fully offline.
In the fully online mode, all the information is forwarded to the Tax Authority instantly via a secure internet connection. Semi-online mode, on the other hand, was developed for those who are in the retail business and cannot afford to lose Customers due to the internet connection. Moreover, the semi-online mode isn’t meant exclusively for businesses that have connectivity issues, it’s also a good solution for businesses that have long lines of Customers waiting, but still must issue a receipt immediately. EFD will store all the information and then forward it to the data center.
The offline mode exists for all taxpayers without any internet access. In this case scenario, they can buy an external sales data controller which enables offline receipt issuing and will store all of the information which can then be retrieved by an inspector. In all of these cases, the receipt is digitally signed by the taxpayer’s digital certificate, and instantly verifiable although data still resides on taxpayer’s premises.
Possibly the most important feature TaxCore has to offer for the consumers is the invoice. With our platform, you can opt for the good, old fiscal receipt that you issue to a Customer. This receipt is different from the traditional one consumers are accustomed to. TaxCore’s receipts are very clear and straightforward, with a clear overview of the items a Customer purchased. Also, the receipt is printed with a QR code at the bottom which contains a URL to the digital version of the receipt. A consumer can scan this and get the receipt on their smartphone as well.
But, what does this mean for consumers and Tax Authorities?
By scanning a receipt, a Customer enters the Customer Compliance Award program, which is a lottery that lets them win prizes. However, scanning a receipt isn’t crucial only because of this, it also ensures both compliance and verification. If a Customer scans the QR code, they also have the opportunity to report the receipt in case they see something invalid on it (e.g. prices on some items are higher, additional items that weren’t purchased were added, higher VAT rates, etc.) By doing so, Customers protect their rights and are ensuring this scenario doesn’t happen to others. Reporting a receipt also gives a Customer a chance to win prizes.
For Tax Authorities, on the other hand, allowing Customers to scan receipts provides great help in catching businesses that take advantage of the loopholes in fiscal laws. Each time a receipt is reported for some discrepancies, it is an opportunity for a Tax Authority to fine a business in accordance with the law. Additionally, this sets a perfect example that there will be no favoring and that everyone is equal in the eyes of law.
This system as a whole ensures that everyone is protected – Customers will shop without having to worry about their money, and Tax Authorities will be able to establish an atmosphere in which everyone abides by the law. Thus, collecting taxes properly.
In the end, TaxCore lets you skip the whole receipt issuing part too. You can show the QR code on a Customer-facing screen. Once the Customer scans it, they will get the digital version of the receipt – this allows for a much faster business and happier Customers.
With everything mentioned above, it is clear that instant invoice verification is a crucial factor in creating a safe and functional fiscal system. In the long term, if every invoice is instantly verified, it will bring about the creation of a system that can last indefinitely. This system means that a TA will spend a lot less money and time on auditing taxpayers and businesses. If a Tax Authority is sending tax inspectors to those businesses where invoice reporting is high in numbers, it secures for efficient staff, and more importantly, pinpointing which business needs more legal attention.
Additionally, including consumers in the audit process means educating them on the importance of tax collection and paying for taxes.
TaxCore is a loyal partner, which means it will teach you exactly how to use it. Our team will train the Tax Authority personnel in the form of presentations and webinars. There is also further material for the personnel which can be found on the TaxCore website help center.
TaxCore provides clear interface specifications and instructions to developers of Point of Sale and E-SDC devices. A device must meet these specifications to be accredited. This enables any developer to compete on price and quality, ensuring a fair, competitive business environment that stimulates innovation and lowers prices.
TaxCore provides a development portal for vendors - it assists them in checking compliance, testing devices, and bringing new products to the market.
TaxCore already runs successfully, and it has significantly increased the tax collection revenue in countries that implemented it. By motivating consumers to ask for receipts and scan them, TaxCore serves as a strong ally for the governments to use in the fight against the grey economy.
Our goal is to bring about the perfect cooperation between taxpayers (collecting agents) and Tax Authorities, creating a perfect atmosphere for growth and development.