strongly feel that a real-time software system for tax collection could benefit the government’s around the globe and provide a few answers to the most crucial questions under discussion right now. Being part of Estonian advanced e-society and implementing relevant solutions globally, we would be pleased to contribute with our knowledge and experience. Please find our vision concerning the subject below.
It is a simple fact — where company is simple, business will expand. “E-Estonia” is a phrase commonly used to characterize Estonia’s development as one of the most innovative e-societies on the planet — an unbelievable success story that grew from a partnership involving a forward-thinking authorities, a pro-active ICT sector and a switched-on, tech-savvy population. Services from the private sector like internet banking and electronic signatures have cut costs and speeded up trade like never before. Likewise, the public sector solutions used in Estonia, for example electronic tax filing, e- business registry and the online access to public documents, have pared bureaucratic waste down to a bare minimum. Estonia has transformed itself into one of Europe’s business success stories of the past ten years, mainly as a result of the sophisticated e-solutions available here.
ConnectPOS is the newest technological accomplishment of the abovementioned E-Estonia which solutions manage billions of transactions annually with over 200,000 users worldwide, encouraging 18 distinct languages. ConnectPOS has been profiled in the Wall Street Journal, the Financial Times, BBC, TechCrunch, The Guardian and Fox Business as the product which could do for companies the same that Skype did for telecommunication. The Wall Street Journal selected ConnectPOS among the top ten European tech-companies to see in 2011.
In more detail, ConnectPOS is a real time POS (Point-of-Sale) and retail software system that manages all areas of retail business, including point of sale, sales back office, inventory management, employee payroll, accounting, customer CRM, multi-channel/e-commerce and more, in one integrated system.
How do ConnectPOS help?
ConnectPOS understands that the execution of governmental functions must be on the basis of a secured income and for that reason, a well-functioned financial and taxation system is of great significance. This is why we’ve developed a vision that’s named Government Owned Point- of-Sale (GOV POS) — a software working seamlessly between governments and businesses for efficient management control in areas of sales, accounting and inventory controls. The execution of ConnectPOS ́s GOV POS will finally handle challenges in areas such as tax evasion, slow expansion of tax base and investors not issuing tax invoices. Because of this, it’s anticipated that the effective use of GOV POS in would revolutionize and modernize state’s financial systems and conclusively increase government revenue collections!
Among the ConnectPOS’s GOV POS advantages is that it enables to get digital receipts available to all businesses. A new program for the documentation by way of the digital financial receipt which will allow substituting the paper documentation with electronic documentation. Digitally signed and generated documents will maintain the same tax and legal validity as a receipt along with other paper generated files and could be monitored over the net by governments ́ agency responsible for tax collection. Consequently it is helpful to eliminate the chance to conceal formation of tax liability by private businesses.
Additionally, GOV POS automatically transmits tax advice to the government agency responsible for the consumption of government revenue; it’s irreversible date mechanics; it problems fiscal receipts that are visually identifiable; it may be utilised as a standalone and configured into a community; it automatically saves configured records and data on permanent fiscal memory also contains taxation protection capacity that stores data for five or more decades or 1800 day transactions.
Table 1. GOV POS clarified
Table 1 above illustrates the link between GOV POS, Government Agency and companies. It shows that each and every transaction made from the nation sends VAT registration number, company name of provider, time and date of distribution, description to identify the goods/services provided, the rate of taxation and the price payable including tax directly to the government agency responsible for the consumption of government revenue. Therefore, GOV POS produces a possibility of improving the efficiency of tax collection and government (e.g. combating tax fraud and evasion, administrative cooperation between tax authorities, etc.) by simplifying to track the creation of tax liability in real time, 24/7. To companies GOV POS supplies security as all information entered into the computer is saved to a financial memory that can’t be erased or changed. In that way the dealer can always keep track of business transactions. It also enhances equity in taxation assessment because all tax information is automatically transmitted to the government agency ́s system that reduces disputes or loopholes. Additionally, it reduces pilferages commonly practiced by unfaithful shop attendants. With ConnectPOS ́s GOV POS it’s easy to recover necessary sales and inventory reports (weekly, monthly and yearly ).
It’s the responsibility of the government to narrow the excessively large gap between the projected tax earnings and revenue received. Therefore, it’s of great value to reform the financial system to set up sustainable tax return and GOV POS might be a tool to assist carrying it through. An effective example of that could be seen below.
Only Four years after the debut of GOV POS regime as a tool for revenue enhancement in Tanzania, we’ve seen a growth of about 73 percent in VAT revenue collections. Table 2 below shows the VAT collection performance before and after the introduction of GOV POS in Tanzania:
Table 2. Tanzania ́s tax earnings increase after implementing GOV POS. !
ConnectPOS is prepared to start a pilot project in cooperation with any government, at our own cost, to be able to restore tax earnings and deliver a country one step closer to all that’s offered in today’s contemporary E-country. We, hereby, ask for a meeting to present a vision that could change the destiny of many states for the better
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