Tax Automation Startup TaxTris Fires Up for Crypto Crowd

“Negotiating the European tax landscape is demanding, as crypto moves into the mainstream."

Fintech company TaxTris has powered up in London to offer API-first tax automation and compliance for digital assets in the Web3 economy.

As the name suggests, TaxTris is looking to tap into tax-related matters for some of the latest tech trends.

The Web3 sector has certainly been grabbing some recent headlines, such as regtech business Tintra and crypto payments platform Zumo revealing their separate ambitions.

TaxTris has its own aspirations of course. Its founder is Marko Jukic, whose international experience includes software development firm Fonoa in Ireland; and various roles for companies operating in Slovenia, Croatia, Nigeria, Ghana, Germany and Malaysia.

His startup is specifically built for B2B Web3 and their customers. TaxTris will provide tax compliance directly in a firm’s dashboard, and offer auto-fill reporting for multiple tax jurisdictions.

In terms of digital assets, TaxTris is looking to help with process trading, mining, staking, airdrops, play-to-earn, NFTs and non-hosted wallet transactions. This is done by its single-call API for integrated reporting.

Based on its website, the firm already has some VC backers, such as Frontline, Seedcamp, Peer Venture Partners and Block0. There are no financial details so it’s not clear how generous those backers were.

However, the fintech startup is generous with the details about other matters and has some useful info on its website regarding the state of crypto in Europe and APAC.

TaxTris reckons that “negotiating the European tax landscape is demanding, as crypto moves into the mainstream”.

It points out that each country has its own views on crypto taxation. For instance, the UK implemented rules to prevent crypto wash sales. In Germany, there is no tax if crypto assets are held for more than one year. Austria introduced a capital gains tax of 27.5% on long-term crypto gains. Short-term crypto trading may be subject to taxation of up to 55%. While the Netherlands levies a wealth tax on individuals holding crypto assets.

TaxTris describes the APAC region as “an unpredictable but exciting crypto market”. Sceptics may have other ways of describing it. Anyway, the firm notes that India introduced a 30% tax on crypto gains and a “world-unique” 1% tax deducted at source on each crypto transaction. While Thailand introduced tax breaks for crypto traders and crypto investors.

This week, the Bitcoin price hit an all-time low for the year. TaxTris may not be ruffled by that and is aiming for the highs. Its career page has plenty of jobs on offer. Roles include developers, head of tax, product manager, compliance manager, marketing manager and head of sales.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 17 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

Popular Articles