A free, OData-based universal transaction standard, inspired by UK tax systems. Secure, auditable, interoperable
OpenTax is an open-source initiative to transform taxes and accounting through a universal transaction standard. Built on (https://www.odata.org), inspired by the UK’s [Making Tax Digital], it’s secure, auditable, and interoperable—designed to save $80 billion in tax processing costs and enable fair, transparent oversight of public funds.
Our mission is to unify financial systems for everyone—individuals, businesses, and governments—making compliance effortless and empowering communities to verify how taxes are spent, all while keeping data safe.
Tax systems are fragmented, costly, and opaque. The US IRS spends $400B annually, with errors wasting billions more. Small businesses lose $500B globally to compliance. OpenTax changes that with:
- Interoperability: APIs connect IRS, HMRC, and apps like QuickBooks seamlessly.
- Security: AES-256 encryption and zero-knowledge proofs protect your data.
- Auditability: An immutable ledger ensures every transaction is verifiable.
- Efficiency: Automation could cut IRS costs by 20% ($80B over a decade).
- Fairness: Opt-in transparency lets citizens audit gov spending responsibly.
- Free: Open-source under Apache 2.0, accessible to all.
Inspired by the UK’s digital tax APIs, which reduced errors by 15%, OpenTax scales globally to simplify finance for everyone.
At OpenTax’s core is the Universal Transaction Class (UTC), a JSON schema defining any financial transaction—tax, payroll, or invoice. It’s:
- Standardized: Works across jurisdictions (US, UK, beyond).
- Queryable: OData lets you filter (e.g.,
GET /Transactions?$filter=taxType eq 'income'). - Auditable: Blockchain-ready hashes ensure integrity.