Case Study: Siemens cuts EU tax form costs and processing time with taXchain from LF Decentralized Trust

taXchain provides a faster, better, cheaper way to complete EU tax forms using Hyperledger Fabric

Siemens, a major industrial manufacturer, faced a significant administrative and financial challenge in managing EU tax forms like the Long Term Supplier Declaration (LTSD). The paper-based process was costly, slow, and prone to error, costing the company over a million euros annually for this one form alone. Seeking a more efficient solution, Siemens, along with co-sponsor Henkel, engaged vendor KrypC to develop the taXchain network using the Hyperledger Fabric blockchain framework.

KrypC built a flexible, permissioned blockchain platform that digitized the tax form process. This solution slashed the cost to complete one LTSD form by 75%, reducing it from €120 to €30, and cut the processing time from days to minutes by eliminating paperwork and reducing errors. The implemented taXchain network, ready for expansion with more forms and participants, provides a scalable, secure, and transparent system for tax data exchange.

Siemens

André Rubbert

Head of Digital Tax Transformation