Together against VAT fraud

It's time to stop the carousel

Introducing the solution:

Triple-Entry Accounting

Summitto builds technologies which allow companies to register invoices in a confidential manner. Imagine a tax system which can provide benefits for both the public and private sector. Compared to existing methods to collect VAT, our powerful cryptographic technology can save billions without risking confidentiality.

And, by registering every invoice in a publicly verifiable network, society will progress from a double-entry to a triple-entry accounting system.

The benefits of Triple-Entry Accounting

For the

Private Sector

, we
  • Lower costs through simplification of VAT law, both nationally and internationally.
  • Ensure privacy-by-design: no invoice data is collected or misused.
  • Ensure compliance-by-design: honest companies don't have to worry about false registrations.
  • Ensure the VAT return can be automated.
  • Lower the costs of supplying and verifying financial data.
  • Drive innovation in new industries: from auditing to archiving to factoring.
For the

Public Sector

, we
  • Can stop VAT fraud within one's own border.
  • Automate and accelerate fraud detection and prevention.
  • Lower security costs.
  • Ensure existing resources can be allocated more efficiently.
  • Provide safety through the use of a vetted open source protocol.
  • Make it easy to work in a transparent and accountable manner.


, we
  • Earn back € 50 billion in the EU. Annually.
  • Reduce the risk of data breaches hurting the economy.
  • Balance the needs of both the public and private sector.
  • Introduce a revolution in accounting.
  • Create an efficient single market again.

" VAT fraud affects us all. "​


" You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete. ”

Buckminster Fuller

" ​Some people don't like change, but you need to embrace change if the alternative is disaster. "

Elon Musk

" If VAT were to survive, it'll be because of blockchain and the internet.​ ”

dr. van Zadelhoff, tax law professor

"​ The surveillance imposed on us today far exceeds that of the Soviet Union. For freedom and democracy’s sake, we need to eliminate most of it. "​

Richard Stallman, president of the Free Software Foundation

We can put a stop to the damage

Lost from the eurozone due to carousel fraud since the year 2012:

Each year, EU governments lose 50 billion EUR due to VAT fraud. This problem has been around for decades, and shows no signs of disappearing. A fundamental problem is that tax authorities have to trust companies that they file their VAT report correctly.

We will revolutionize the VAT system by ensuring that companies can't submit false VAT report any more, without requiring the collection of any invoice data.

Source: European Commission, video entitled Stop the Carousel, © European Union 2017, European Commission is not affiliated or associated with summitto next to Horizon2020 involvement.

Let’s put that into perspective

What can you do with 50 billion EUR each year?

Increase total VAT income by 4.2% Source
Fund 1.000.000 SMEs Source
Pay off 12% of Dutch public debt Source
Buy 1.504.664.460 Raspberry Pis Source
Save 16.700.000 lives Source

These stakeholders support our initiative to revolutionize VAT


European Commission Horizon 2020
Netherlands Enterprise Agency

Why they support our initiative


Definitive VAT system
Reverse charge
Split payments
VAT listing
Triple Entry Accounting

Private sector confidentiality

Implement country-by-country

Publicly accessible verified financial data

Potential full fraud elimination


We’ve got answers

Is this a new problem?

No! VAT fraud has existed for as long as the current VAT system has been in place: since 1993.

Which solutions to the problem exist?

Commonly posed solutions include but are not limited to: "Reverse Charge", "Split Payments", "Centralized Clearance" and the "Definitive VAT system". Unfortunately these systems all have severe downsides. Reverse Charge only shifts VAT fraud to new industries, whilst Split Payments and Centralized Clearance require the collection of massive amounts of company data without providing any benefits for the private sector. Finally, the "definitive VAT system" has received criticism from various Member States due to the complex set of requirements it would introduce. Read publication

Why is your solution different?

Just like "Centralized Clearance", we envision companies to register their invoices. However, by leveraging cryptography, we can ensure that no data is actually revealed to tax authorities. The invoice registrations will be linked by software to create a digital ledger of encrypted mathematical proofs of the VAT payable by and refundable to the relevant parties. We can identify 100% of all the VAT fraud, without revealing sensitive data to governments, whilst allowing companies to access new financial services.

Where can I find more information?

A team of 63 journalists created an extensive report about VAT fraud. You can find it ​here.

Together against VAT fraud

Ready to stop the VAT fraud and change the future with us?
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