LONDON--(BUSINESS WIRE)--TAXMAP, an e-invoicing and tax filing platform providing Digital Tax Stamps, is proud to announce that it is the recipient of a UK Smart Grant award from Innovate UK, the UK’s innovation agency. TAXMAP will be co-funded by the UK’s innovation agency, Innovate UK, in supplying a real-time tax and audit compliance solution for vice and e-commerce companies.
Keeping track of invoices and tax compliance is more complicated than ever and there are no excise and tax solutions available for established and expanding cross border companies. Tax stamps have been traditionally used for vice industries such as alcohol, tobacco, firearms, and cannabis industries; TAXMAP will expand tax stamps to digital transactions and digital contracts for tax automation. Penalties for errors or missed tax filings can be crucial for companies, that may lead to fines, business licence revocation, loss of access to lending and jeopardising financial credit history.
Ledger Analytics and Digital Tax Stamps (patent-pending) will integrate with existing bank, tagging solutions, ERP and POS systems and allow companies to file excise and sales taxes globally. TAXMAP will provide a Digital Tax Stamp® to authenticate each invoice for interstate commerce and help build credit history for lending, invoice factoring and help lower insurance costs. TAXMAP’s Distributed Tax Ledger® backed by a blockchain database will provide the Department of Treasury (State and Federal) an immutable ledger for regulatory compliance and automate business Licence renewals.
“Tax and audit compliance is more complicated than ever with digitalisation and automation of cross-border transactions, TAXMAP will provide security and authentication to help inter-state commerce and international trade finance to flourish. We will be innovating in the Bermuda Monetary Authority’s insurance sandbox to help provide governments insured tax data through MAP Insurance®. It has been a great experience working from Bermuda for the past 12 months as part of the Work From Bermuda initiative. Not only is Bermuda safe and secure, but it is also a great place to cultivate new ideas and where innovation can thrive” said Mr. F. Elusio Zafar Alcalde, the Founder.
TAXMAP helps you save time by connecting your financial calendars so you can remain tax compliant, manage cash flow and build credit history across borders. Customers can sign up online at taxmap.io.
Innovate UK drives productivity and economic growth by supporting businesses to develop and realise the potential of new ideas.
Innovate UK connects businesses to the partners, customers and investors that can help them turn ideas into commercially successful products and services and business growth.
Innovate UK funds business and research collaborations to accelerate innovation and drive business investment into R&D. Support is available to businesses across all economic sectors, value chains and UK regions. Innovate UK is part of UK Research and Innovation.
TAXMAP is a UK Limited Company and a US Delaware C Corporation. TAXMAP helps companies navigate a world of increasing regulations with customers across borders, filing taxes is more complicated than ever. By passively recording transaction data, regardless of currency or geography, TAXMAP’s Digital Tax Stamp® and Distributed Tax Ledger® system offers a one-stop-shop to build trust and credit across borders. Visit taxmap.io for more information.