A Cross-Border Tax Compliance System Based on Digital Stamps

TAXMAP®, an e-invoicing and tax filing platform based on the use of blockchain bookkeeping and digital tax stamps, has been awarded a UK Smart Grant of £500,000 from Innovate UK. The grant will be used by TAXMAP to provide e-commerce companies with a real-time, cross-border tax and audit compliance solution.

Digital tax stamp solutions are already widely used in the alcohol, tobacco and cannabis industries but TAXMAP will be expanding their use to companies of all kinds.

According to TAXMAP, there are currently no solutions available to established and expanding cross-border companies for managing excise and sales tax compliance. The company therefore intends to fill this gap with a solution that extends the use of tax stamps from their traditional role of providing proof of tax paid on so-called ‘vice’ products, to a new role of authenticating e-invoices involved in cross-border transactions, in order to facilitate the tax filing process.