Loctax is a collaborative platform for global tax teams • Metaverse Marketing

To encounter Loctaxe, a company that wants to change the way tax teams work in multinational companies. There are still many departments that rely on outdated tools and processes to get something done. According to this 2020-founded startup, tax reporting is currently a fragmented and error-prone process that could benefit from a software upgrade.

Loctax targets businesses that operate in multiple countries and regions. Its customers are currently located in 15 to 40 countries. These companies have internal tax teams where each person is specialized in a region or type of tax. They communicate with local finance teams who also work with external local tax advisers.

Right now, these people have their own conversations in silos. This creates a certain asymmetry of information within the company. It is also very difficult to see the whole picture.

The other problem is that their Microsoft Excel spreadsheets or ERP systems are not always up to date with new tax regulations. This can lead to errors and increase the risk of critical incidents, such as heavy fines.

With Loctax, everyone in the company uses the same platform for their tax needs – it acts as an operational tax control framework. Companies define different processes and workflows so that internal teams and external consultants can switch to Loctax.

The platform becomes the single source of truth for all things tax. Loctax customers include Wise, On Running, Essilor, Luxottica, Mohawk Industries and PedidosYa.

The added benefit is that tax leaders get real-time dashboards with a clear understanding of tax risks and business liabilities at any time, not just quarterly. It also becomes much easier to comply with the next international minimum corporate tax which is being negotiated at the OECD level. In the European Union, companies will also have to disclose income tax information on a country-by-country basis in the future.

“Companies are under more pressure than ever to meet increasing tax reporting and regulatory requirements, as well as stakeholder expectations to show they are doing the right thing. Currently, there is no shared concept of how companies and regulators talk about tax, and no easy way for tax teams to be sure they are meeting all of their obligations,” the co said. -Loctax founder and CEO, Hans Kayaert, in a statement.

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

Picture credits: Loctaxe

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