Project description
A new solution for VAT fraud
EU Member States are losing billions of euros in tax revenues. The EU-funded TXpp project has a solution to reverse this revenue shortfall. Specifically, it proposes a single source of truth for invoices. For instance, tax Authorities will use the project’s innovative Blockchain protocol to let companies register invoices for value-added tax (VAT) purposes. Not only will billions of euros in VAT be accounted for, but this will also result in the creation of the world’s biggest verified invoice registration network. The database will guarantee the privacy of citizens and return stolen VAT fraud to the national treasuries. It will also be able to identify fraudulent companies and make the factoring industry more efficient.
Objective
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(opens in new window)). 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.
Fields of science (EuroSciVoc)
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
CORDIS classifies projects with EuroSciVoc, a multilingual taxonomy of fields of science, through a semi-automatic process based on NLP techniques. See: The European Science Vocabulary.
- natural sciences computer and information sciences databases
- natural sciences computer and information sciences computer security cryptography
- social sciences sociology governance taxation
- social sciences law
You need to log in or register to use this function
We are sorry... an unexpected error occurred during execution.
You need to be authenticated. Your session might have expired.
Thank you for your feedback. You will soon receive an email to confirm the submission. If you have selected to be notified about the reporting status, you will also be contacted when the reporting status will change.
Programme(s)
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
Multi-annual funding programmes that define the EU’s priorities for research and innovation.
-
H2020-EU.2.3. - INDUSTRIAL LEADERSHIP - Innovation In SMEs
MAIN PROGRAMME
See all projects funded under this programme -
H2020-EU.3. - PRIORITY 'Societal challenges
See all projects funded under this programme -
H2020-EU.2.1. - INDUSTRIAL LEADERSHIP - Leadership in enabling and industrial technologies
See all projects funded under this programme
Topic(s)
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Calls for proposals are divided into topics. A topic defines a specific subject or area for which applicants can submit proposals. The description of a topic comprises its specific scope and the expected impact of the funded project.
Funding Scheme
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
Funding scheme (or “Type of Action”) inside a programme with common features. It specifies: the scope of what is funded; the reimbursement rate; specific evaluation criteria to qualify for funding; and the use of simplified forms of costs like lump sums.
SME-1 - SME instrument phase 1
See all projects funded under this funding scheme
Call for proposal
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
Procedure for inviting applicants to submit project proposals, with the aim of receiving EU funding.
(opens in new window) H2020-EIC-SMEInst-2018-2020
See all projects funded under this callCoordinator
Net EU financial contribution. The sum of money that the participant receives, deducted by the EU contribution to its linked third party. It considers the distribution of the EU financial contribution between direct beneficiaries of the project and other types of participants, like third-party participants.
1066 EP AMSTERDAM
Netherlands
The organization defined itself as SME (small and medium-sized enterprise) at the time the Grant Agreement was signed.
The total costs incurred by this organisation to participate in the project, including direct and indirect costs. This amount is a subset of the overall project budget.