Loctax is a collaboration platform for international tax teams • CableFree TV

Published by
Peter Kavinsky

meet Loctax, a company that wants to change the way tax services work in multinational companies. There are still many departments that rely on outdated tools and processes to get things done. According to this 2020-founded startup, tax filing is currently a fragmented and error-prone process that could benefit from a software update.

Loctax is aimed at companies operating in different countries and regions. Currently, its clients operate in 15-40 countries. These companies have their own tax groups, each specializing in a region or type of tax. They communicate with local finance teams who also work with outside local tax advisors.

Right now these people are having their own conversations in the bunkers. This creates some information asymmetry within the company. In addition, it is very difficult to see the whole picture.

Another problem is that their Microsoft Excel spreadsheets or ERP systems do not always comply with the new tax regulations. This can lead to errors and increase the risk of serious incidents such as large fines.

With Loctax, everyone in the company uses the same platform for their tax needs – it acts as an operational tax control system. Companies are establishing different processes and workflows to enable both internal teams and external consultants to migrate to Loctax.

The platform becomes the only source of reliable information about everything related to taxes. Loctax clients include Wise, On Running, Essilor, Luxottica, Mohawk Industries and PedidosYa.

An added bonus is that tax executives receive real-time dashboards with a good understanding of the firm’s tax risks and responsibilities at any given time, not just once a quarter. It is also becoming much easier to comply with the forthcoming international minimum corporate tax, which is being negotiated at the OECD level. In the European Union, in the future, companies will also have to disclose income tax information on a country by country basis.

“Companies are under more pressure than ever to meet growing tax reporting and regulatory requirements, as well as stakeholder expectations, to show they are doing the right thing. There is currently no common framework for how companies and regulators talk about taxes, and there is no easy way for tax teams to be sure that they are meeting all of their obligations,” said Hans Kayaert, co-founder and CEO of Loctax.

Loctax has raised a $12 million Series A funding round led by Index Ventures. Existing Cavalry Ventures and Seedcamp investors are back in the Series A round. Some angel investors are also investing in the company, such as Revolut CFO and Checkout.com CEO.

Image credits: Loctax

Peter Kavinsky

Peter Kavinsky is the Executive Editor at cablefreetv.org

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