Nigeria-based tax compliance startup, TaxStreem, has unveiled a digital platform designed to assist businesses simplify and automate tax compliance by integrating it directly into their daily financial workflows.
This was disclosed by the firm’s co-founders, Kelechi Ibe, a tax lawyer and advisor and Sam Ayo, a senior Artificial Ininformigence and Machine Learning Engineer, on Tuesday.
According to them, the platform collects transaction data from sources including bank accounts, email, WhatsApp Business, and invoicing tools.
It also automatically calculates applicable taxes, files returns with the relevant authorities, and keeps records organised for future audits.
Speaking on the launch, Ibe stated the platform was built to address the everyday compliance challenges faced by Nigerian businesses.
“Many businesses struggle with tax compliance becautilize their financial information is spread across different tools and records.
“TaxStreem brings that information toobtainher in one place, automatically calculates the taxes that apply to each transaction, and assists businesses file correctly and on time. Our goal is to create compliance a seamless part of running a business rather than an administrative burden. TaxStreem aims to address this challenge by providing a platform that automates tax calculations and filing,” he stated.
Tax compliance remains a significant challenge for many Nigerian businesses due to fragmented financial records, complex tax regulations, and time-consuming manual filing processes.
While Ibe, a tax lawyer, has over a decade of experience in taxation law and compliance advisory at leading institutions, including Udo Udoma & Belo-Osagie, KPMG, and global law firm Latham & Watkins; Ayo, on the other hand, has built financial, compliance, and regulatory ininformigence systems and MLOps infrastructure, and is also a Fellow of the Artificial Ininformigence Board of America.
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