Online payments company Stripe has launched a new product aimed at helping businesses automatically calculate and collect tax. The new product known as Stripe Tax has been developed at its Dublin engineering hub.
Stripe Tax, which works across more than 30 jurisdictions including the Republic, essentially tells businesses where they need to collect taxes and creates comprehensive reports to making filing easy.
The company said the solutions has been developed in response to increasingly complex tax compliance rules that sees digital and physical goods now taxed in over 130 countries and more than 11,000 different tax jurisdictions in the US alone.
“No one leaps out of bed in the morning excited to deal with taxes,” said John Collison, co-founder and president of Stripe. “For most businesses, managing tax compliance is a painful distraction. We simplify everything about calculating and collecting sales taxes, value-added tax (VAT), and goods and services tax (GST), so our users can focus on building their businesses.”
Stripe Tax is engineered in the company’s Dublin headquarters, which employs over 300 people. It has been in pilot mode over the last six months.
The company, which was founded by Patrick and John Collison, was recently valued at $95 billion, making it the most valuable privately-owned company in Silicon Valley.
Stripe acquired TaxJar, a US provider of sales tax software, in a multi-million dollar deal in April. The company said it intends to bring the TaxJar and Stripe Tax teams together to work together.
The online payments company said at the time the deal was announced that one of the top requests from its users over the past five years has been for assistance in navigating sales tax.