Maltese develop software for processing VAT taxes in minutes instead of hours
An innovative project developed by a Maltese company is presently being used by 10,000 clients in 30 different countries to process VAT taxes in a matter of minutes, where previously this project would entail hours of work.
This new product, by the name of DataDear, has been developed by Maltese company Scope Solutions together with the University of Malta thanks to a 161,000 euro grant from the National Research and Innovation Programme administered by the Malta Science Council.
Research carried out by the company identified an opportunity in the financial sector, and this was followed up through investment of some one million euro in research to allow professionals from the financial and business world to embrace this technology and further strengthen their enterprises.
This system synchronises between data on cloud and traditional data, and thus facilitates the transfer of data in a controlled environment.
Through this software, Maltese accountants will be able to process VAT taxes in a few minutes, where previously this progress would entail hours of work.
Brian Ferris, one of the partners of Scope, explained that through the company’s work with professionals, particularly in the finance sector for cloud purposes, an opportunity was created and implemented through DataDear through the SaaS synergic and integrated product.
During a visit to the offices of Scope Solutions, Minister Owen Bonnici explained that this is another example where financing from research funds, together with synergy between local companies and the University of Malta, has led to the creation of new products and services which are then commercialised locally as well as at international level.