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Tax Processing Risk Mitigation

Overview

Global corporations need to mitigate risks during the process of aggregating, reconciling, reporting, processing, and filing tax data. At a majority of enterprises, departments work in silos. Moreover, incompatible IT systems cause data asymmetry. while several stakeholders accessing tax data and systems generate multiple identities and versions of truth.

Infosys capitalizes on blockchain to increase transparency, accelerate processing, thereby preventing fraud in processing tax data. Our platform establishes a network between the enterprise, tax governing or regulatory institution, and banks / financial institutions. It is asset-agnostic and can be extended across stakeholders / entities to build confidence and enable real-time tax reconciliation.

The Infosys blockchain network for tax processing and risk mitigation has been developed by our team of 200+ blockchain professionals. Our team has rich experience of creating blockchain networks and solution accelerators using Ripple, Ethereum, and MultiChain. Our blockchain ecosystem includes Enterprise Ethereum Alliance, Microsoft BaaS, and IBM Hyperledger.

We develop a blockchain network to create synergies in tax processes among enterprises, tax authorities, and banks / financial institutions.

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Challenges & Solutions

Leverage blockchain to aggregate digital identities of tax paying entities across the enterprise.

Aggregate tax-related IT systems and ensure access control as well as data validation.

Identify instances of multiple tax certificates and prevent repeated tax saving declarations by tax deductees to multiple deductors.