Tax compliance platform Blue Dot (previously VatBox) today announced it has raised $32 million, bringing its total raised to over $96 million. The firm says it will put the funds toward product R&D and expanding the size of its globlal workforce.
The tax compliance burden for enterprises can be significant. In 2019, half of companies responding to an EY Americas survey indicated that their biggest compliance challenge would be staying current on legislative and regulatory developments. Another 23% said modeling the tax impacts of business and legislative change was their next biggest barrier to overcome.