Global TaxUpdate is a company from Portugal with whom I spoke at the Offshore Technology Conference and the International Petroleum Summit, both held here in Houston during May 2019. If you want to do oil business any where in the world, they got the software to “keep you on the right side of the law”. Please read their recent press release.
Legal tech startups are a hot topic and GTU is definitely one to watch in 2019. Their digital platform has been specifically designed with Oil & Gas players in mind, but also appeals to Oil & Gas suppliers, consultants, law firms and even universities, and it’s not difficult to understand why. The product consists of an international tax platform that gathers legal and tax information from various countries around the world, making them more easily accessible via an online platform.
The Oil & Gas industry is notorious for struggling to keep up with the opacity of various tax systems and to maintain tax compliance in foreign countries such as Brazil, Angola or Mexico. It’s hard to be compliant when legislation is only available in the local language and it keeps changing all the time.
Based in Lisbon but originally from Brazil, GTU clearly understands the need for a solution such as this one, in Brazil alone more than 10 thousand new tax norms are published each year. That’s over 40 new tax norms per day in a single market! Over the last 10 years, TaxUpdate® in Brazil has analyzed over 100,000 tax norms and reported on their impact. Now their product will become available globally, expanding across a number of traditionally complex and less developed tax jurisdictions, including Africa and LATAM.
The platform’s core feature is the largest Oil & Gas Tax Library to date. With the help of AI (artificial intelligence), GTU aims to help Oil & Gas players understand and comply with complex local taxes by providing simplified tax legislation briefings which are constantly updated. But it’s not all about machines GTU relies on a highly qualified team to interpret and translate all of this information: the GTU experts analyze new norms daily from around the globe in real time and provide updated tax legislation summaries ongoing. They also translate all of the norms to English, but users can access the original documents in the local language if they choose so.
Other features include comprehensive tutorials describing the tax and legal systems of the covered countries in a simple manner, allowing users to make better informed business decisions. At the same time, the Country Outlines feature provides access to key indicators and main figures by market.
Like most Saas providers, usage is subscription-based with a monthly or annual fee. and there are various plans to choose from, including a custom option to suit your needs. The platform is available in various languages and will include IOS and Android apps for access on the go.
Find out more about Global TaxUpdate® by visiting their website at
Head of Marketing – GTU