Technologies Used
JavaScriptReactJS
nodeJS
MultiChain
Project Team
About
The VAT Refund Token project uses Blockchain technology to make the VAT process fraud-resistant, more efficient for government, and frictionless for businesses: https://www.youtube.com/watch?v=aB7akX2QSIg VAT (https://en.wikipedia.org/wiki/Value-added_tax) is a tax system where the supplier charges the customer an extra amount of money (fixed percentage) for goods and services. That amount of money is earmarked for taxes, either paid directly to the government or via the suppliers of the supplier who in turn charge the extra VAT percentage. Charging VAT, but not using it to pay the tax, is a form of fraud. Our solution to combat fraud does NOT require to have all payments happen on the blockchain, that would be unrealistic in the short term. Instead it "tokenizes"* the right to have charged VAT refunded. VAT refund tokens flow through the supply chain in the opposite direction of the money flow, and essentially automate the VAT process for government and businesses. VAT will be introduced in the UAE in 2018: http://www.uaeinteract.com/news/default3.asp?ID=388 * tokenizing = representing by cryptoassets on a blockchain
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