- Most businesses worldwide are small and medium-sized enterprises (SMEs), but they face challenges in international trade due to tax and regulatory compliance issues.
- SMEs struggle to keep track of legislative changes and assess their impact, hindering their ability to implement necessary processes.
- Tax legislation poses a hurdle to international trade because local rules are constantly changing and often only available in local languages.
- Technology has become indispensable for managing tax compliance, and Stripe offers an easily implementable tax compliance solution, enabling businesses to expand abroad seamlessly.
- Stripe Tax automatically calculates and collects sales tax, VAT, and GST across over 40 countries and all US states.
- A third of Stripe Tax users save 10 or more hours per month on tax compliance, while a similar percentage avoid the need for additional hires in finance or operations.
Source Aleksandra Bal
