The Tax Monitoring System (TMS) is an initiative by governments (Ministry of Customs/Revenue) to increase Tax compliance and consequently reduce hidden economy and tax evasion. This system will help taxpayers easily comply and provide insight into data submitted to the government. Each transaction involving the sale of Goods or Services will be accounted for. The primary objective of this system is to reduce hidden economy and tax evasion.
The TMS is a system whereby goods and services invoices are sent to the Government's computer systems showing details of the invoice and revenue/taxes collected.
Below are the two countries that have implemented TMS:
The Tax Monitoring system has been provided to the above two governments by " Data Technical International ", and is known as the TaxCore system.
TMS uses a Electronic Fiscal Device (EFD) to transmit sales data. When a sale is completed, Link "Point of Sale" (POS) sends transaction data to the "Sales Data Controller" (SDC). The SDC contains secure elements that transforms data into a "Fiscal Invoice", attaches a "Quick Response Code" (QR code) and transmits this back to POS. Customers can scan the QR code on their mobile devices to verify the receipt. At this point, the sales transaction is available at the governments computer systems. Refer to " Data Technical International " web site for more details on how the Tax Monitoring system works.
Tax Payers need to register with the respective governments and obtain the relevant certificates. These certificates will be used by the POS system to securely transmit data. There are a few options to choose from. Please discuss these options with your implementation partner to work out the best and most cost effective option for you.
Electronic Fiscal Devices (EFD)
The EFD is an electronic fiscal
device system that contains the SDC to produce fiscal invoices. There are two
EFD systems.
*If V-SDC and E-SDC both are enabled, V-SDC will take precedence*
Fiscalisation Devices - Purchase Options
Training Mode
The TMS system will be placed in TRAINING MODE
when the LinkSOFT configuration setting "System.Operating.Mode" is set to "Test".
This can be done in LinkSOFT using menu "Company Administration ->
Configuration -> System.Operating.Mode".
Notes
References: