Category: tax

Mapped: The World’s Biggest Private Tax Havens


This post is by Omri Wallach from Visual Capitalist


Biggest Tax Havens

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The World’s Biggest Private Tax Havens

When the world’s ultra-wealthy look for tax havens to shield income and wealth from their domestic governments, where do they turn?

If you’re putting money in offshore bank accounts in order to save on taxes, there are two main criteria you’re looking for: secrecy and accessibility. Based on pop culture and media reports, you might imagine a secretive bank in Switzerland or a tiny island nation in the Caribbean.

And though there is some truth to that logic, the reality is that the world’s biggest tax havens are spread all over the world. Some of them are small nations as expected, but others are major economic powers that might be surprising.

Here are the world’s top 20 tax havens, as ranked by the 2020 Financial Secrecy Index (FSI) by the English NGO Tax Justice Network.

Which Countries are the Biggest Tax Havens?

The FSI ranks countries and territories from all over the world on two criteria: secrecy and scale.

  • Secrecy Score: How well the jurisdiction’s banking system can hide money. (Read more...)

Stripe acquires TaxJar to add cloud-based, automated sales tax tools into its payments platform



Stripe, the privately-held payments company now valued at $95 billion, has made an acquisition to expand the range of tools (and services) that it provides to online businesses. It has acquired TaxJar, a popular provider of a cloud-based suite of tax services, which can be used to automatically calculate, report and file sales taxes.

One key point about TaxJar is that it works across a number of geographies and the many different sales tax regimes that each uses — a complex area for a lot of companies that do business online.

Financial terms of the deal are not being disclosed but for some context the company was valued at $179 million post-money when it last raised money, in January 2019, according to PitchBook data.

Stripe has confirmed that all 200 employees of Woburn, MA-based TaxJar are joining the company.

Stripe will be integrating TaxJar technology into its revenue platform — where it will sit alongside Stripe Billing (its subscription tools) and Radar (its fraud prevention technology), and potentially build new services using AI and other technology to automate more functions — but businesses can continue to use TaxJar directly, too.

Launched in 2013, TaxJar today has around 23,000 customers. Stripe didn’t comment on how much of an overlap the two companies have in terms of users, but both have over the years gained a lot of traction with startups and other online businesses, which is likely one reason why TaxJar caught Stripe’s attention.

“There’s a reason TaxJar (Read more...)

Building the Tax Operating System – Loc.tax raises $3.6m to help you handle tax on a global scale


This post is by David Ola from Seedcamp


Managing taxes is notorious work. And if you are part of a tax team in a hyper growth startup that’s mid-international expansion, coordinating taxes across multiple geographies is no small feat. In the past, tax professionals have had only one viable option to manage taxes: hire a large, expensive firm to help you. This approach is cost-ineffective and merely serves as a stop-gap solution. In steps Loc.tax, a startup that empowers tax professionals to achieve sound tax governance with a “Tax Operating System” consisting of always up-to-date company data, regulatory data, visual analysis tools, and extensive team collaboration. Loc.tax has created a product that serves as the single source of truth for streamlining global tax operations and projects.

Co-founders of loc.tax (from left to right): Hans Kayaert (CEO), Kasparas Aleknavičius (CPO), Bart Van Remortele (CTO), and Stevi Frooninckx (COO) (photo credit Yves Schepers)

We’re excited to join loc.tax on their company journey in a $3.6m round led by our friends at Calvary with participation from Mustard Seed Maze and Amaranthine. The team has the relevant market experience and founder-dynamic to tackle tax management head-on. Prior to building loc.tax, Hans Kayaert (CEO) and Stevi Frooninckx (COO) worked together at Avnet on various projects and M&A deals. Kasparas Aleknavičius (CPO) and Bart Van Remortele (CTO) previously founded a company in the SportTech space together. From our first call on, the team’s years of experience working together on various projects was apparent. Some of the world’s most exciting companies are already using (Read more...)