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TFI Tax Collection and Payments Automation SOLUTION

TFI Tax Collection and Payments Automation SOLUTION

Difficulties in increasing Government tax and non-tax revenue are typically due to a lack of appropriate software and hardware solutions for monitoring and enforcement of the same, non-submission of tax returns and the refusal of the public to demand receipts. For instance, only 10-25% of all formal & informal businesses in sub-Saharan Africa pay VAT. 

In addition to educating citizens and simplifying the tax system, a solution needs to provide an innovative and easy transaction process as well as payment points, while significantly improving the monitoring and enforcement of revenue collection. TFI Technologies provides an integrated online system that facilitates the real-time reporting of transactions as they occur at the point of sale. Electronically generated receipts are printed after transaction details have been transmitted to a central database. At the same time monthly returns are completed electronically a real-time report are created for all stakeholders.

The Solution drastically enhances

              Statistical information gathering to aid the formulation of policy/identification of trends

              Regulatory monitoring of all tax registered entities

              Timeliness of reporting both to tax authority and other regulatory bodies

              Reduction of overhead/administration cost

              Control of defaulting/fraudulent traders and non-filers

              Authority can identify irregular behaviors (revenue dip/increases) via a wide range of reports

Date

23 January 2015

Tags

iCOLLECT