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Karl Nolan, CEOHowever, this digital leap is not devoid of challenges.
The transition encapsulated in the ViDA initiative necessitates a robust digital infrastructure, a nuanced understanding of the new and existing VAT regulations, and adept navigation through the EU’s intricate tax landscape.
The ripple effects of these changes extend even beyond the EU, with influences from the Organization for Economic Co- Operation and Development (OECD), underscoring its global significance.
With a rich 25-year legacy in the domain of indirect tax, particularly VAT compliance, VAT reclaim, and VAT consultancy, to a global clientele, Taxback International is both a frontrunner and a disruptor in this transformative wave.
“Our mission is to simplify a complex process, enabling our customers to meet their VAT compliance obligations efficiently while adding visibility and transparency all through our cutting-edge technology” says Karl Nolan, CEO of Taxback International.
Simplifying the VAT Compliance World
Taxback International has developed a scalable and secure VAT compliance platform, Comply, that enables companies to manage complex, country-specific tax rules and regulations by simplifying and automating the preparation of VAT returns.
The platform centralizes the entire VAT obligation process under one hub.
“Our SaaS platform, Comply, portrays a global view to companies of their liabilities in various countries, giving them full visibility of what their obligations are, as well as the actual amount of the obligation,” explains Karl Nolan, CEO of Taxback International.
From extracting data from clients’ ERP systems to tax filing, validating data against the latest rules and regulations, and transacting cross-border tax office payments on time in multiple currencies, clients benefit from a seamless process.
Implementing a streamlined process brings companies a massive advantage in adjusting to the shifting digital tax requirements. No longer do they have to rely on complex manual processes, thus eliminating the risk and potential penalties of non-compliant reporting or missed payment dates.
Companies can attain the benefits of the Comply platform in three different ways.
First is the self-service model that allows companies to use the platform independently to upload, validate, and file their VAT data. Second, is the fully managed service model, where Taxback International’s team of VAT experts takes charge on behalf of the clients, although clients can still access the platform and monitor the progress.
Third is the hybrid service model which is a more flexible option for large multinational companies, where they can choose between self-service and fully managed solutions depending on country-specific needs. The self-service model can be used for locations with in-house VAT expertise, while other business units can seek the support of the Taxback International team in multiple jurisdictions.
As a result, clients enjoy the best of both worlds – efficiency and compliance.
The compliance SaaS platform Comply offers four vectors of value for clients: increased productivity, panic prevention, reduction in audit costs, and increased governance and control.
Clients save time and resources that would otherwise be spent on manual and tedious tasks, such as working with spreadsheets, checking data accuracy, and preparing tax returns. The platform easily monitors and tracks VAT filing processes, compliance status, and risk exposure using the platform’s real-time data and analytics. This allows clients to utilize their VAT professionals on more strategic and value-added activities.
The most significant benefit of implementing Comply is reducing the stress and anxiety of managing indirect tax obligations. Clients can easily monitor and track the end-to-end process, compliance status, and risk exposure using the platform’s real-time data and analytics.
Clients also receive timely alerts and notifications on upcoming deadlines, changes in tax rules, and potential issues. The platform’s Machine Learning algorithm predicts future obligations or requirements and flags anomalies, which is proving particularly beneficial for clients. The system compares the current VAT returns with previous returns that a company has filed, and alerts users if something is wrong based on the company’s history or last returns.
Deploying Comply ensures the mitigation of traditionally expensive audit costs. Whether internal, external, or regulatory audits, the platform provides a complete audit trail and documentation of tax activities delivering a saving on these audit costs – further adding to the ROI. Clients can access all the transactions, actions, filings, and evidence supporting their tax returns on one platform, efficiently resolving queries or disputes.
Our mission is to simplify a complex process, enabling our customers to meet their VAT compliance obligations efficiently while adding visibility and transparency through our cutting-edge technology
It also ensures increased governance and control of VAT compliance operations. Many clients stand to gain from a global dashboard as they can better understand their tax position to optimize strategy. In addition, the holistic dashboard gives clients a granular view of their VAT liabilities in various countries based on the latest VAT rates and regulations.
Clients’ CFOs are empowered with complete accountability and responsibility for their tax activities, as the platform records every transaction and action that clients or the platform perform.
Given these benefits, it is no wonder the company exceeded 12,000 customers over the last 25 years. With an extremely high level of client retention, Taxback International has grown as their clients have grown also.
“Having all these crucial elements within one platform, gives full visibility no matter where in the world our clients are, and this is hugely advantageous to them. Our clients have saved relentless amounts of money which in turn pays for the platform, again another key success factor,” - Karl Nolan, CEO of Taxback International.
Transforming Words into Tangible Outcomes
An example of Taxback International’s customer success is a large multinational company with a presence across 26 countries globally. The client implemented the Comply SaaS platform for all VAT compliance and filing processes. This eliminated the need for the client to juggle between different systems (manual and somewhat automated systems) across its country-specific offices.
The client’s global CFO highlights that after logging into the platform, he accessed the global dashboard to get a bird’seye view of all VAT processes, drilling down into each country to see exactly what the situation is. In less than 10 seconds, he could check the trail of each transaction. The success emanating from this platform is poised to continually assist companies of all sizes in managing compliance requisites across all countries with VAT frameworks, ensuring steadfast compliance amid the ongoing digitalization evolution.
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Company
Taxback International
Management
Karl Nolan, CEO
Description
Taxback International is a leading technology and services company specializing in VAT compliance, VAT consultancy, and VAT reclaim. Built on 25 years of VAT expertise, it has developed Comply—a scalable, secure, and cloud-based VAT compliance platform that helps companies adjust to shifting global digital VAT requirements.
