Avatar is the only Electronic Fiscal Solution that has been designed to successfully address tax compliance issues in both developed and developing countries.
This cloud-based and highly secure solution works in real time to create an environment that promotes tax compliance and benefits both taxpayers and governments. Although tax compliance is a worldwide issue, it is particularly problematic in developing and emerging countries, where the difference between the VAT that is due the State and the VAT that is effectively collected is 50-60%, compared to 7-13% in developed countries.
In Africa alone, an estimated USD 50 billion is lost each year due to fraud and tax avoidance. Taxes due to the governments represent 10 times the total aid budget.
Tax evasion and avoidance deprive developing and emerging countries of huge sums that could solve many of their financial problems. Tax fraud is greatly facilitated by the lack of control over sales transactions and by the negligence of the consumers, who fail to ask for their receipts.
Developing countries need a solution that would allow them to leverage their domestic tax resources in order to reduce their dependence on foreign aid and to finance their development.
Avatar is the answer.
- Sales and Fiscal Data are gathered at transaction source and securely transmitted to government revenue databases in Real-Time
- Merchant identities are authenticated pre-transaction and each transaction receipt is verified through highly secure digital signatures
- Fiscal information is auto-analysed for accurate and valuable revenue-authority decision making