Last updated 3 years ago
Automated Tax Collection
Problem
Building a business on a blockchain creates a complicated tax liability No dAPP exists to automate tax collection or payments.
Solution
My proposed solution is to develop a payment gateway for business, that separates out a percentage of revenue for tax purposes.
Total to date
This is the total amount allocated to Automated Tax Collection.
About this idea
My proposed solution is to develop a payment gateway for business, that separates out a percentage of revenue for tax purposes.
Seasoned Network and Server Engineers with 40 years of combined experience.
I am building a platform that businesses can use to add on the ability to transact on Cardano. This will create another revenue stream, as it caters to a niche group of loyal enthusiasts. I have another catalyst proposal running concurrently for creating a full loyalty and incentive program that business can use. This catalyst proposal focuses on the tax implications for a business that transacts on Cardano. We would develop a platform that can track inbound and outbound payments for a designated wallet(s). We would monitor real time ADA pricing to track the fiat value of each transaction. Using the businesses historical tax burden, we would separate a portion of inbound revenue in to a wallet for tax purposes.
A stretch goal would be to work with relevant taxing authorities to accept tax payments in Cardano Ada. If they were to allow this, we would associate the ada collected to business. This would eliminate having to send in a large payment at the end of the year, and would also eliminate the burden of having to exchange your crypto currency for fiat.
The requested funds would be used to receive consultation from crypto tax experts, server hardware, and software development. The financial breakdown is as follows:
$25,000 for initial minimal hardware, and testnet development.
This proposal has been drafted by Digital Syndicate; a partnership between Huth S0lo and Eddie Diaz, also known as the Cardano Budz team. Both team members have significant Information Technology backgrounds, working at the highest levels of network and systems design. Both are active Cardano Community members, each running stakepools on mainnet and testnet. Both have participated in plutus pioneers v2.Â
Timeline
0-90 days - hardware procurement, tax consultation, datacenter lease execution, development team assembly
91-180 days - Develop testnet proof of concept
181 - 270 days - Beta testing on Mainnet
271+ - Customer onboarding
Team
Seasoned Network and Server Engineers with 40 years of combined experience.
