Avatar is the only Electronic Fiscal Solution designed to address tax compliance issues successfully in developed and developing countries.
Either on-premise or Cloud-based, Avatar Technologies offers a highly secure solution working in real-time to create an environment to promotes tax compliance. Although tax compliance is a worldwide issue, it is particularly problematic in emerging countries, where the difference between the VAT due the State and the VAT collected is 50% to 60%, compared with 7% to 13% in developed countries.The 'VAT gap' in European Economic Community countries was almost €170 billion in 2013.
In Africa alone, an estimated USD 50 billion is lost each year due to fraud and tax avoidance. Taxes due to governments represent 10 times the total aid budget.
Tax evasion and avoidance deprive countries of huge sums that could solve many of their financial and socio-economic problems. Tax fraud is greatly facilitated by the lack of control over sales transactions and by consumer-negligence in the failing to ask for receipts.
Our solution allows countries to leverage their domestic tax resources in order to finance their own development and reduce their dependence on foreign aid.
Avatar is the answer.
- sales and fiscal data are gathered at the source of the transaction and securely transmitted to government revenue databases in real-time
- merchant identities are authenticated prior to the transaction and each receipt is verified through highly secure digital signatures
- fiscal information is analysed automatically for accurate and valid decision making by the revenue authorities.