Kassel. FinTech company fino wants to close the VAT gap in Germany securely and easily with a new solution. The background to this is the introduction of a nationwide standardized electronic reporting system for the creation, verification and forwarding of invoices, which has been decided by the traffic light coalition. This is intended to combat VAT fraud, which deprives EU countries of several billion euros in revenue every year.
“When it comes to the topic of electronic invoices, we as a financial services company with innovative B2B products naturally prick up our ears,” says Björn Kahle, Managing Director of fino data services GmbH, and adds: “Thus, with GetMyInvoices, we offer an invoice management solution that can lay the foundation for a nationwide reporting system. This is because it already has interfaces to all relevant marketplaces, store as well as ERP systems and transmits all invoice data supported by the respective synchronization partner, such as invoice date, due date, invoice number, amounts, payment details and line items. In addition, we cooperate with 500 banks as well as more than 5,000 companies from the financial sector and have launched the ClariLab brand together with SCHUFA to implement KYC strategies.”
The FinTech recently proved with GrundsteuerDigital that fino is capable of quickly implementing the contents of legislative projects technically. This is a solution with which tax consultants, private individuals and companies can digitally implement the requirements of the property tax reform. The platform is recommended by DATEV, which acquired a stake in fino taxtech GmbH at the end of last year as part of a joint venture.
Björn Kahle concludes: “If Germany introduces an electronic reporting system, it should not only be associated with minimal effort for companies, but they should also derive added value from digital invoices. Our more than 15,000 customers prove that this works day after day.”
Software houses or management consultancies interested in collaborating on the development of a nationwide solution can find more information and a contact link on the Bundesrechnungszentrale.de website.
Background: The VAT gap in Europe
EU countries lost an estimated €134 billion in VAT revenue in 2019. The reasons for the revenue loss are manifold and range from VAT fraud and insolvencies to inability to pay and VAT evasion to incorrect calculations and administrative errors. Targeted policy measures in the respective countries can tackle the problem.
The fintech company fino was founded in 2015 and develops products and services that optimize business processes in the area of finance. More than 100 employees work every day to ensure that the fino motto “Less finance – more you” becomes a reality for more and more companies and private individuals. Among other things, companies benefit from easier provision and management of their invoices, account information and payment flows. The analysis of these also helps them to make well-founded business decisions. Financial institutions, in turn, can offer their customers modern, fast solutions with fino’s products. Reference customers and partners include savings banks, VR banks, DATEV, Miles & More and Schufa.
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