Amsterdam, Dec. 09, 2024 (GLOBE NEWSWIRE) — Aibidia, a leader in digital transfer pricing solutions, and the International Bureau of Fiscal Documentation (IBFD), a global authority in tax research, are proud to announce a strategic partnership designed to address key challenges in tax and transfer pricing through advanced artificial intelligence (AI).
AI-Powered Solution, to Streamline Transfer Pricing Research
This collaboration marks a new era in tax innovation, combining Aibidia’s technological expertise with IBFD’s extensive tax knowledge for transfer pricing professionals. It aims to streamline tax research, enhance decision-making, and empower multinational enterprises (MNEs) to navigate complex compliance and intercompany transaction management with unprecedented efficiency.
The partnership was launched through a collaborative AI hackathon, bringing both teams together to explore how AI can help solve complex, real-world issues for tax professionals. The hackathon provided a foundation for Aibidia and IBFD’s shared vision of leveraging AI-driven technology to revolutionize the way transfer pricing practitioners handle key processes.
Key users expected to benefit from this innovation include:
- Heads of Tax: Empowering them to stay current with evolving legislation, local transfer pricing nuances, best practices and relevant case law. Enabling informed, strategic decision-making in a rapidly changing tax landscape
- Tax and Transfer Pricing Managers: Streamlining and strengthening the research process to enable far more robust risk assessment, compliance planning and preparation through enhanced efficiency and precision.
- Finance and Business Controllers: Reliable legislative insights to help align transfer pricing policies consistently across jurisdictions and global subsidiaries
First of its Kind Product Development for the Transfer Pricing Community
By integrating AI-driven capabilities, Aibidia and IBFD’s first joint product will streamline critical research processes such as audit preparation, understanding of benchmark requirements and provide tax teams with access to general and local TP information.
“Our shared vision with IBFD is to have a long-lasting relationship that allows us to create technology-driven products that provide the tax and transfer pricing community with the resources they need to navigate increasingly complex regulatory environments,” Reuben Sagar, Chief Revenue Officer at Aibidia. “This partnership brings together two industry leaders, and through our combined strengths, we are positioned to make a lasting impact on the way multinational organizations handle their tax compliance and intercompany transaction policies.”
“IBFD is excited to join forces with Aibidia to bring AI-driven advancements to the tax and transfer pricing field,” said Wieneke Brandt, Director Product Management & Delivery at IBFD. “Our recent hackathon highlighted the transformative potential of AI in addressing the unique challenges tax professionals face, and we’re eager to see these innovations come to life through our partnership that harnesses both Aibidia’s technology driven innovations as well as IBFD’s solid and curated wealth of tax knowledge.”
How to Find Out More
Aibidia and IBFD will be releasing a webinar available for streaming later in December to pull back the curtain and share behind-the-scenes insight from their jointly hosted AI workshop and how it helped shape the innovation that’s underway: AI in Tax and Transfer Pricing: Behind the Innovation with Aibidia and IBFD (sign up for access to this recording upon publication, here).
Those who watch ‘AI in Tax and Transfer Pricing: Behind the Innovation with Aibidia and IBFD’, can expect:
- Behind-the-Scenes Access: Learn why and how Aibidia and IBFD brought together top minds from the fields of technology, research, and taxation to collaboratively identify game-changing AI use cases.
- Insight into Emerging Trends and Challenges in TP and Tax: Gain a forward-looking perspective on the key trends shaping the tax community’s needs. Discover the challenges and opportunities our hackathon uncovered.
Sign up here to be notified when the recording is published.
About IBFD
The International Bureau of Fiscal Documentation (IBFD) is a leading independent, non-profit organization specializing in tax research and education. With its high-quality research, training and information services, IBFD serves governments, international organizations, academia and the business sector in over 150 countries. www.ibfd.org
About Aibidia
Aibidia is the global leader in digital transfer pricing management founded by a world class multinational team of tax lawyers, accountants, economists, data scientists and software developers. It is pioneering a truly collaborative digital platform that will allow all stakeholders from in-house professionals, to advisers, to tax authorities to work together to revolutionize the transfer pricing process, while empowering tax professionals to make data-driven decisions. www.aibidia.com
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