Your business is losing money. Do you know where? Revenue generation isn’t just about finding opportunities for upselling or creating new products. It’s also about forensics – identifying where revenue should have come in, but hasn’t.
For government agencies, this means tax. Globally, up to $240 billion USD every year is lost in tax revenue as a result of tax avoidance techniques, according to the Organisation for Economic Co-operation and Development. For government bodies around the world, unpaid taxes represent a huge problem, one that costs revenue agencies millions of dollars each year. However there is a way to stop that money escaping – use data.
Using data to identify tax fraud
Revenue agencies deal with huge volumes of data; they’ll receive millions of tax returns each year, as well as company and trust information, investment portfolios, VAT information… the list goes on. This information is incredibly difficult to manage without a simple search method that allows users to quickly and seamlessly access the information they need. And if you can’t manage this information, you don’t have the full picture on your financial structure.
If there’s a certain group that isn’t paying their tax returns, the revenue agency will know that they need to focus on providing more information about when tax is due to this demographic. Likewise, finding common themes in the data will allow government bodies to realise where their own tax collection methods are failing, and so make concerted efforts to improve these in future.For government agencies, rapid and widespread access to data will help eradicate any missed opportunities to raise money from tax. For example, what if a tax office were able to search multiple databases and datasets in real time, to connect information and find where tax hasn’t been paid? Not only would this mean the unpaid taxes could be collected, but this data could also be used by agencies to find patterns and prevent these gaps in the future.
Helping tax agencies around the world
Instead of moving everything over into a single database, which takes up huge amounts of time and money, Frisk can reach, index and make searchable datasets made available by an agency, making it easily accessible at the click of a button.
It’s a simple choice: You can either continue to lose money, or find new opportunities to generate revenue. Frisk’s data retrieval services have already helped one tax agency to maximise their income through better forensics. Just think what Frisk can do for you.