FIRM LAUNCHES PLATFORM TO SIMPLIFY TAX COMPLIANCE FOR BUSINESS OWNERS
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By:Tajudeen Aminat
Nigeria-based tax compliance startup, taxstreem, has launched a digital platform aimed at helping businesses streamline and automate tax compliance by embedding it into their everyday financial processes.
this was disclosed on tuesday by the firm’s co-founders, kelechi ibe, a tax lawyer and advisor, and sam ayo, a senior artificial intelligence and machine learning engineer.
according to them, the platform gathers transaction data from sources such as bank accounts, email, whatsapp business, and invoicing tools.
It also automatically computes the relevant taxes, submits returns to the appropriate authorities, and organizes records for future audits.
speaking at the launch, ibe said the platform was developed to tackle the daily tax compliance challenges faced by nigerian businesses.
“Many businesses find tax compliance difficult because their financial data is scattered across multiple tools and records,” he said.
“Taxstreem consolidates all that information in one place, automatically determines the taxes applicable to each transaction, and ensures businesses file accurately and on time. our aim is to make tax compliance a natural part of running a business instead of a heavy administrative task. taxstreem is designed to solve this problem by automating tax calculations and filings,” he said.
tax compliance continues to pose a major challenge for many nigerian businesses, largely due to scattered financial records, complicated tax regulations, and the lengthy process of manual filing.
ibe, a tax lawyer, brings over a decade of experience in taxation law and compliance advisory, having worked with top institutions such as udo udoma & belo-osagie, kpmg, and the global law firm latham & watkins.
on the other hand, ayo has developed financial, compliance, and regulatory intelligence systems as well as mlops infrastructure, and is a fellow of the artificial intelligence board of america.
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