Author | Xu Wenpu
Edited by | Wang and Tong
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36Kr learned that the corporate tax risk control service provider "Tax Treasure" recently announced that it has obtained a new round of tens of millions of strategic financing, 100 million yuan of exclusive strategic investment. This round of financing is mainly used for brand upgrading, technology upgrading and market layout.
Tax Treasure is a company that 36Kr has long been concerned about, and its products have been developed since 2018 to provide enterprises with financial and tax risk inquiry services and expert consulting services. In June 2022, Tax Checker launched a professional liability insurance service for financial and tax experts. So far, the tax treasure takes the financial and tax risk inquiry as the starting point, so as to achieve tax declaration in advance warning - in-process control - after the fact to fill in the gaps, while integrating the upstream and downstream of the financial and taxation industry chain, providing enterprises with professional training, tax planning, financial services, invoice management and other services, creating a closed loop of business, and retaining corporate customers and financial and tax experts on the platform.
The intelligent fiscal and taxation service industry can gain attention at present, which is inseparable from the revolutionary changes in the mainland tax collection and management system. With the launch of the golden tax project from its inception to the launch of the fourth phase of the golden tax in the second half of 2021, China's tax system has also moved from "informatization" to "digitalization". In recent years, the tax system has used big data to audit, and the number of huge and tax evasion cases investigated and handled according to law is increasing year by year, and many live internet celebrities and popular stars have fallen out of the blue because of tax evasion and tax evasion. In 2018, Fan Bingbing was fined 883 million yuan for evading taxes up to 134 million yuan through the "Yin-Yang Contract"; in 2021, Zheng Shuang was fined 299 million yuan for tax evasion; in the same year, Sydney was fined 65.55 million for tax evasion; and Wei Ya was fined 1.341 billion for tax evasion.
As the most important source of state revenue, taxation is also one of the most important guarantees for the state to maintain the normal operation of society. Therefore, paying taxes according to law is the basic obligation of citizens, and the construction of tax informatization is an inevitable requirement.
The fourth phase of the Golden Tax, "Governing Taxation by Numbers", through the digital upgrading and intelligent transformation of the tax collection and management system, will open up the data that was separated in different units in the past, so as to realize the information sharing of other departments, and carry out tax supervision with the help of the national data sharing and interaction platform.
Changes brought about by the fourth phase of the Golden Tax
After the fourth phase of the Golden Tax is launched, common risks such as invoiceless expenditure, commercial rebates, two sets of accounts, non-payment of accounts payable, company cancellation, non-compliant bills, internal borrowing, return of off-the-books funds, and false invoicing are more likely to explode. The revolutionary changes in tax collection and management are forcing all businesses to move towards tax compliance, and as a result, the demand for tax compliance services is also rising.
From the perspective of market space, the number of enterprises entrusted by enterprises to provide financial and tax services by enterprises entrusting financial and tax service agencies to provide financial and tax services is much higher than that of China due to the implementation of the credit card system and the high labor costs in developed countries in the United States, Japan, South Korea and other developed countries. Among them, the financial and tax service entrusted by American companies accounted for 61%, Japan accounted for 84%, and South Korea accounted for 95%. As of 2018, the proportion of financial and taxation service entrusted by mainland enterprises is about 30%, and there is still a lot of room for growth. According to Jiazi lightyear data, the size of the smart fiscal and tax market in 2021 is 69.7 billion yuan, and the compound growth rate is expected to reach 15% in the next 5 years.
Fiscal and tax track situation
Tax Treasure cuts into the transition stage from the beginning of the development cycle of the intelligent fiscal and tax service industry to the growth stage, mainly providing enterprise customers with one-click query function for fiscal and tax risks, expert consultation and other services.
Specifically, the customer anonymously or publicly uploads the relevant financial statements to the Tax Treasure APP, which uses a number of risk indicators and model algorithms to intelligently analyze the financial report content in accordance with the national tax law and accounting law standards, combined with the requirements of the Golden Tax Phase III indicator system and tax policies, and combines expert opinions to feedback to users the tax risks in the financial statements of the enterprise, the preferential tax policy information that can be applied, and similar risk penalty reference cases.
Check the tax treasure home page
In the past, the potential tax risks of enterprises were mainly reviewed by corporate financial and tax personnel, which required financial and tax personnel to be proficient in relevant laws and policies. At the same time, the tax review process is time-consuming and labor-intensive for fiscal and tax personnel. When the financial statements are uploaded to the tax office, if any problems arise, the enterprise faces the risk of penalties. According to the data on the website of the State Administration of Taxation, more than 100,000 enterprises have been punished by the tax bureau every year in the past three years because of tax problems, and the total amount of fines caused by enterprises due to tax in 2020 reached 220 billion yuan. Cai Yili, CEO of Tax Inspection Treasure, believes that the traditional financial management model and the ability of financial personnel have begun to lag behind the needs of tax digitization, because the blind spots of financial personnel's knowledge will lead to tax omissions and cannot fully avoid the risk of penalties.
Cai Yili believes that a fiscal and tax risk inquiry product that relies on emerging technologies such as artificial intelligence, big data, and cloud computing is particularly necessary. The use of big data and artificial intelligence technology can not only comprehensively, accurately and reliably locate the tax risks of enterprises, but also liberate corporate financial and accounting personnel from complicated audit work.
"The tax treasure has the advantage of fast and accurate products, and the tax accountant may have to use 5 days to diagnose the financial and tax risks of the enterprise, while the tax treasure only needs 5 minutes; Second, the tax treasure has undergone 4 years of research and development iteration, whether it is the index database or the algorithm library, it is updated in a very timely manner, so as to accurately diagnose the financial and tax problems of the enterprise; Third, a large number of case databases have also been collected on the tax check treasure platform, which can be used as a reference for enterprises to pay attention to risks. Cai Yili told 36Kr.
At the same time, thousands of high-quality financial and tax experts and dozens of top domestic financial and tax institutions have been settled on the tax inspection treasure platform, and the service covers more than 300 cities and districts across the country. After the tax treasure feedback the corporate tax risk to the enterprise customer, the enterprise can seek consultation, planning and training from financial and tax experts on the platform.
In June 2022, Noah Honor and Ping An Insurance launched the financial and tax professional liability insurance tailored for the tax inspection and insurance platform on the tax inspection and insurance platform. After the user purchases the insurance, when the financial and tax experts on the platform provide customers with financial and tax services, there are faults, errors or omissions, resulting in losses of the platform customers and need to compensate according to the agreement, the financial risks of the platform customers and experts will be reduced. On this basis, The Tax Treasure has created a closed loop of corporate customers- tax service platform - financial and tax experts, and retained corporate customers and financial and tax experts on the Tax Inspection Treasure platform.
In terms of product functions, the Tax Check app has opened up an interface with people's data, providing enterprise customers with output services for industrial and commercial information inquiry and panoramic report; Cooperate with banks such as Shanghai Pudong Development Bank, China Construction Bank, Industrial and Commercial Bank of China and China CITIC Bank to provide financial services such as speedy account opening and loans for corporate customers.
Based on the above product functions, Cai Yili told 36Kr that the income of the tax treasure mainly comes from three aspects: the first is the income of the APP basic product, the subscription fee of the tax treasure is 2980 yuan / year, and the current product repurchase rate is 60%; The second is the income from customized development, which mainly includes the income from customized products developed by the tax treasure for financial and tax institutions and enterprises, and the income from opening up functional interfaces for various bank APP and financial and tax service software; The third is the extended income of fiscal and tax services, from enterprise business registration and qualification processing to tax planning, financial services, professional training, and enterprise consulting income. In the first half of 2022, The tax treasure achieved tens of millions of revenues.
In terms of customers, We have served a number of large enterprises and well-known financial and tax institutions, such as: Green One Media, Blue Ocean Wind Real Estate, Sun Hung Kai Properties, Shenzhou Shunli Office, Zhonghui Zhigu (Sichuan) Tax Consultant Firm Co., Ltd., Sichuan Jin pulin Tax Consultant Firm Co., Ltd., Ruiyou Group, etc. Cai Yili told 36Kr that The tax treasure has accumulated smart financial and tax services for more than 300,000 enterprise customers, and found an average of 9 fiscal and tax risks and 5 fiscal and tax preferential policies for each enterprise user, saving an average of 50% of the learning costs of financial personnel.
In terms of team, There are currently more than 40 members of The Tax Treasure, of which 60% are technical personnel.