Tipalti, which offers global supplier payments automation solutions, said its platform is now supporting over 3,200 new tax validation rules spanning 47 more countries, which will help finance teams at retail, fashion and e-tail companies remain compliant.
The San Mateo, Calif.-based firm said companies that are based in these countries can use the platform to securely collect supplier tax IDs while also using the solution’s tax rules feature, which helps to mitigate tax ID issues and errors. In turn, vendors and suppliers in the 47 countries can now submit their tax forms through the company’s self-service portal, which Tipalti said is integrated with its “holistic supplier payments automation” platform.
Previously, Tipalti said its automated solution offered compliance support for companies located in the U.S., Brazil and Argentina. It also offers value-added tax identification and document collection. With the additional countries, the firm now offers tax ID and document collection capabilities for 50 countries, which the company said drastically reduces “the burden and risk of accounts payable tax compliance, in accordance with each country’s set of unique rules and requirements.”
Some of the countries for which Tipalti now collects and validates tax IDs include Australia, Austria, Belgium, Bulgaria, Canada, Colombia, Costa Rica, Denmark, Finland, France, Germany, Greece, Honduras, Hong Kong, Hungary, India, Ireland, Italy, Japan, Mexico, Poland, Portugal, Romania, Russian Federation, Saudi Arabia, Singapore, Slovakia, Sweden, Ukraine and the U.K., among many others.
Chen Amit, chief executive officer of Tipalti, said its latest international tax compliance capabilities “enable our clients to reduce tax compliance penalties and fraud by automating one of the most burdensome areas of modern finance — abiding by the ever-shifting set of tax laws around the world while sending supplier payments in accordance to each country’s unique payment requirements.”
The company said the complexity of tax compliance is creating challenges for financial departments at many companies. As a result, retailers and vendors are turning to “fintech” and regulation technology, or “regtech,” solutions to help manage processes.
“We firmly believe that fintech and regtech are intimately tied and given the current state of geopolitical economics, it’s more important than ever to deploy dynamic, always-compliant financial operations technology that helps your finance organization easily adapt to the changing world,” Amit added.