The project is funded by the European Regional Development Fund.
In October 2020, RoyaltyRange Europe, UAB has signed an agreement with the Lithuanian Business Support Agency (LVPA) regarding the implementation of the project “Development of a real-time blockchain-based transfer pricing calculation system”.
The project aims to carry out research and solve scientific problems to create a unique real-time blockchain-based transfer pricing method and system.
The project will include research and experimental development activities, including R&D and testing of the product model and prototype:
- Development and testing of an automated information transmission module for data sharing without manual access.
- Development of a module for unstructured information processing and standardization to process incoming information faster.
- Development, handling of exceptions, and testing a module for the calculation of financial and tax transactions, which allows transactions to be taxed according to the jurisdiction systems.
- Development of a module for the distribution of profits between different jurisdiction systems, which would help avoid disputes over tax rights.
- Development and testing of machine learning-based artificial intelligence to faster identify emerging tax avoidance measures.
- Development and testing of a blockchain-based real-time transfer pricing method and system.
RoyaltyRange Europe, UAB will realize the project by making optimal use of time and resources and maximizing the achievement of the objectives and results set out in the application.
The project is funded by the ERFD according to the measure “Experiment” under priority 1 of the Operational Programme for EU Structural Funds Investments for 2014-2020 titled “Promotion of Research, Experimental Development and Innovation”.
Project title: “Development of a real-time blockchain-based transfer pricing calculation system”.
Developer: RoyaltyRange Europe, UAB
Total project value: 1 236 270, 94 EUR.
Project duration: 2020/06/17 – 2022/10/19.Funding allocated to the project: 753 527, 41 EUR.