Taxbit, an accounting and tax compliance platform, has introduced the Global Digital Platform Reporting Tool, aimed at streamlining tax reporting for the gig economy.
This tool assists businesses in meeting international digital platform reporting standards.
It is designed for use in regions such as European Union, the UK, Canada and New Zealand.
According to Taxbit, the tool offers a range of functions to help companies handle their tax reporting obligations across various jurisdictions.
Features include mechanisms to collect necessary data from platform users, allowing businesses to obtain end-user information required for annual tax reporting purposes.
Taxbit chief tax & compliance officer Erin Fennimore stated: “The modern rise of the sharing and gig economy has fundamentally transformed industries in just a few short years, adding new complexities to regulatory reporting.
“Our new Global Digital Platform Reporting tool gives our customers the control, clarity, and efficiency they need to manage their tax reporting obligations with confidence, and turn a complex process into a manageable, self-driven one.”
The product enables users to identify which accounts and activities are subject to reporting rules in different countries.
It provides a dashboard interface displaying reportable and non-reportable populations, with explanations available for accounts not included in required reporting.
For internal oversight, the tool allows businesses to export data for review, including validation reports and draft documents.
The system also provides a consolidated overview of the entire compliance process across all relevant jurisdictions, with updates on eligibility assessments, progress in generating necessary forms, and current filing status.
Another function supports generation of final recipient documents directly through the platform, which can be distributed via an application programming interface or through existing document delivery channels.
Additionally, the tool is configured to produce year-end XML files meeting jurisdiction-specific requirements from 2025 onwards.
Taxbit has stated that these features are intended to give businesses oversight of their data and assist in rectifying any gaps before deadlines approach.
