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A platform for Tax Authorities for collecting more sales taxes, stimulating the economy and fight an informal economy.
Virtual Fiscal Device Management System (VFDMS) is a new generation fiscal sales data collection solution. It addresses the latest tax collection demands in sales and service businesses. All transactions are registered on the online platform of the Tax Administrator. No burden on retailers. The retailer uses an app on a smartphone, tablet or a computer instead of specialized physical fiscal devices.
Domestic Revenue Mobilization.
Due to its affordable cost VFDMS enables tracking of VAT and Sales taxes on a national level.
Eliminates the need for physical checks, saving time for both the Tax Administrator and the taxpayers.
Eliminates the need for physical fiscal devices and significantly reduces the administrative burden on businesses.
Sends real-time transaction data to the Tax Administrator and ensures continuous monitoring of taxpayers.
Secure by design.
Minimizes the risk of data tampering due to encryption. Every receipt and report printed from the cash register can be encoded.
VFDMS is a modern services-driven solution. It’s architecture approach allows to seamlessly integrate it into existing ecosystem of Revenue Authority.
Virtual Fiscal Device Management System helps Revenue Authorities to improve sales revenue (VAT) collection. Our customers prove this is being possible to achieve without creating additional financial and technology burdens for the businesses.
Meets demands of Tax Authorities
High level of trust through modern security means
Efficient ratio of VAT collection vs each dollar invested
Availability of real-time data to combat VAT non-compliance
Ability to timely influence taxpayer behavior
Meets demands of Customers
Modern means to get receipt (electronic receipts)
Fast Service in the stores
Guaranteed evidence for warranty and refund claims
We Provide Tax Authority with the tools to enable:
1) Use of modern POS solutions
2) Electronic fiscal data submission in near real time
3) New means of controlling and enforcing authority decisions
4) Single solution for business and private customers, for online and offline retailers
5) Co-existance with current traditional EFD technologiess
Automated transaction surveillance.
Digital records on sales are promptly transferred and subjected to automated analysis tools that could identify possible inaccuracies or deviations within a certain time period, analyse the structure of trade turnover, monitor prices and conduct further assessments on impacts of the economic policy.
Primary source of information.
Information stored in the taxpayers account on the platform of the Tax Administrator is considered as the only truthful primary source of information. Taxpayers can access their information anytime connecting to their own personal account with the help of public-key cryptography.
Positive impact on doing business environment.
The solution can contribute to minimizing the financial burdens imposed on businesses by eliminating the necessity to use physical fiscal devices and increasing voluntary compliance of taxpayers. These improvements would lead to a potential increase in-country scores in the Ease of Doing Business Index.
Why NRD Companies?
- - Excellent understanding of financial and public sectors
- - Experience in development and maintenance of mission critical systems for governments around the world since 1995
- - Over 20 years of experience in Tax management solutions
- - We marry legal, consultancy, and information technology skills in order to effectively address digital infrastructure challenges
- - We allocate time and resources to comprehend, engage with, and collect information about the context and communities in which our project will be deployed
- - We make sure that the infrastructure is not another piece of software but something that has a positive long-term impact on the country or businesses