Taxbit, an enterprise-grade tax and accounting compliance platform, has launched its Global Digital Platform Reporting Tool to help businesses meet the Model Rules for Reporting by Platform Operators (MRDP) in various international jurisdictions, including the UK, EU, Canada, and New Zealand.
The new capabilities aim to provide businesses with full visibility and control over their reporting processes, simplifying compliance with complex international regulations. This tool is designed to assist customers in managing their tax reporting obligations efficiently.
Erin Fennimore, Chief Tax and Compliance Officer at Taxbit, stated, “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.” Fennimore added that the rise of the sharing and gig economy has introduced new complexities to regulatory reporting, which the tool is designed to address.
Success in digital platform reporting compliance relies on data integrity and clear visibility into the reportable population. Taxbit’s Global Digital Platform Reporting Tool addresses this need by offering customers on-demand access to their data. This feature allows businesses to quickly identify and remediate data gaps, ensuring year-round compliance.
Key features of Taxbit’s Global Digital Platform Reporting Tool include:
Integrated Seller Data Collection: This feature enables the seamless collection of required end-user information directly within a platform to ensure complete year-end reporting.
Reportable Population Determination: Users gain direct visibility into the reportable population for key regions, including the UK, New Zealand, Canada, and the EU, directly through the dashboard. The tool also shows accounts determined to be ineligible and the reasons for their status.
Comprehensive Data Exports: To support internal review processes, the tool provides detailed validation reports, aggregate data views for quality assurance, and draft forms. This empowers businesses to remediate information quickly and ensure completeness.
Centralized Reporting Snapshot: A consolidated view of the entire reporting process across all MRDP jurisdictions allows for quick monitoring of eligibility, form generation progress, and filing status.
Direct Recipient Form Generation: Users can generate recipient copies of required forms directly from the dashboard. These forms can be delivered to end-users via an API endpoint or integrated with existing document delivery processes.
Filing XMLs: The dashboard generates jurisdiction-specific year-end XMLs for filings from 2025 onward.
By offering direct, on-demand visibility into their reportable population and QA-ready data exports, Taxbit aims to enhance data confidence for its customers and streamline internal review processes for tax season. The ability to directly generate recipient forms and final year-end XMLs from the dashboard is expected to minimize manual steps and accelerate the entire reporting cycle, ensuring timely and accurate submissions for MRDP.
The Global Digital Platform Reporting Tool is available to all current and future Taxbit customers.
Taxbit, headquartered in Draper, Utah, is a tax and accounting compliance platform trusted by enterprises, financial institutions, and government agencies. The company holds SOC 1 Type 1, SOC 2 Type 2 attestation, and ISO 27001 certifications. With over $235 million in funding from investors such as Ribbit, IVP, Paradigm, Haun Ventures, and PayPal Ventures, Taxbit maintains offices in San Francisco, Seattle, New York, and London.
