FiscalChain Initiative

Streamlining National Tax Reporting with Blockchain

Imagine all the time and costs that could be saved if all your business invoicing and payments could be automatically reported to the tax office.

This project explored the approaches and digital channels that could allow for such a seamless integration, while also providing:

🔹 A national supplier blockchain for tax office reconciliation and analysis

🔹Easy to use, free, invoicing and payment reconciliation tools for most businesses

🔹 An independent payer scoring system

The Challenge

National tax offices and businesses alike often contend with complex, inefficient, and opaque systems for invoicing, payment reconciliation, and tax administration. This can lead to burdensome compliance requirements for suppliers, delayed payments, and difficulties in accurately forecasting government revenue, coupled with a lack of transparency and immutability in transaction records.

Our Solution

The FiscalChain Initiative was a pivotal collaboration with a national tax office, where Yowie Tech Studios helped to develop and pilot a blockchain-based system for streamlined tax reporting and compliance. Our approach focused on providing businesses with easy-to-use, free invoicing and payment reconciliation tools. Each invoice was automatically recorded on a national supplier blockchain, ensuring an immutable record of transactions, due dates, and payment receipts. The system incorporated automated payment reminders and an independent payer scoring system, calculated based on payment timeliness within the blockchain record.

The Impact

This ground-breaking prototype drastically reduced the tax administration burden for suppliers, significantly increased on-time payments across businesses through transparent scoring, and provided the national tax office with unprecedented transparency across all supplier transactions. Government tax revenue forecasting became more accurate, and the immutability of the blockchain ensured that all transaction records, including payment history, remained secure and unalterable, fostering greater trust and efficiency in the national fiscal system.

Google Sites

Report abuse