ROCKIT member Finpass continues working on empowering open data solutions. In August Finpass launched the open data project with State Tax Inspectorate (STI). 252 thousand Lithuanian companies can access online their tax profile reflecting how STI assesses a particular company. As STI points out the values of the project, the development and accessibility of such a profile stimulate timely and correct fulfillment of tax obligations. Also, it increases companies’ trustworthiness in their partners' eyes and gives insights if State Tax Inspectorate is interested in checking the activities of a particular company.
Gaudenis Milvydas, co-founder and chief product officer of Finpass says: “We are proud of the opportunity to provide the competencies and experience of Finpass in a public-private partnership project. Such a partnership safeguarded a reasonable budget and impressively short implementation deadlines. This open data project becomes a great example for other institutions in the public sector to create additional value by opening data of people and enterprises about them. In addition, the partnership and its results foster innovations and the start-up ecosystem to develop more data-driven solutions. The cooperation of the community unfolds here as well because another ROCKIT member Ondato also contributes to this project as its service is used for users’ identification.”
As Gaudenis Milvydas adds up, the project value also is revealed in increasing financial literacy and growing market transparency. “Any company can share its tax profile with clients, vendors, current or future partners while building a great reputation and negotiating better conditions”, says co-founder and chief product officer of Finpass.
Tax profile assesses various significant parameters, including timely submitter tax declarations, delayed payments of taxes, the approval or rejection of VAT payer status, etc. The level of taxpayer risk is summarized by the traffic light principle. Each part has detailed available information, indicating the criteria based on which the company received the corresponding color.