Payments

The Key issues

  • Governments find it difficult to police the internet and increasing numbers of digital companies are exploiting loopholes in domestic tax systems to minimize tax liabilities.
  • eCommerce markets are often fragmented and fast-growing. Online transactions are spreading rapidly across an opaque payment processing ecosystem – and this lack of visibility on revenues helps firms to avoid paying tax.
  • Offshore eCommerce firms & MNCs are conducting aggressive tax planning by artificially shifting profits and assets to low-tax locations.
  • Corporate tax avoidance by larger firms is putting local eCommerce businesses that comply with regulations at a competitive disadvantage – right at a time when the eCommerce economy is taking off.
  • $billions in potential tax are being lost which, if harvested effectively, could assist with economic and domestic development.
  • Terrorists and criminals use the internet to subscribe to extremist materials, or purchase weaponry and pre-cursor chemicals for drugs and explosives.

The FastPay Solution

FastPay empowers governments to tax, monitor and control eCommerce activity between consumers and merchants, at source and in real-time, via a single government-owned payment gateway. FastPay’s technology provides intelligence and data analytics on all eCommerce firms and consumers.

 

 

 

 

The FastPay National Payment Gateway provides Ministries of Finance with the technical solution to automatically levy VAT or GST (or any other applicable sales tax) directly from eCommerce transactions – at source and in real time. FastPay also provides governments with 100% visibility and oversight of eCommerce firms’ revenue volumes, thereby exposing true corporation tax liabilities. FastPay provides the technical capability, if required, to levy corporation tax directly from consumer transactions.

FastPay empowers governments to funnel all online transactions between end customers and eCommerce firms (domestic & offshore) through a single government-owned payments portal. Within the portal, FastPay automatically collects all taxes due from the nation’s eCommerce transactions, live and at source, every 24 hours, 365 days a year. FastPay’s machine learning and artificial intelligence capabilities present governments with powerful surveillance and analytics capability. The system generates a vast amount of actionable intelligence and provides governments with 100% transparency of an entire nation’s eCommerce traffic. This data allows governments to fully analyze, monitor and control their eCommerce industries. FastPay unobtrusively ‘fingerprints’ each and every web-capable device that interacts with the system and, to date, FastPay’s device intelligence capability has mapped eCommerce activity from more than 5.5bn consumer devices worldwide.

In short, FastPay is a globally-unique empowerment tool. FastPay delivers full control to governments over domestic & international eCommerce firms – and over eCommerce consumers’ activity.

How can we help you?

Contact us at the Howard Scott Mckinley SA office nearest to you or submit a business inquiry online.

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