System and method for implementing a global withholding tax engine

A computer-implemented system that implements a Global Withholding Tax Engine, wherein the computer-implemented system comprises:

• an input configured to receive one or more inputs from one or more user devices;
• an interactive user interface that communicates with the one or more user devices via a communication network;
• a storage mechanism that stores and manages withholding tax guidelines for multiple global jurisdictions;
• and
• an engine comprising a computer processor coupled to the input, the interactive user interface and the storage mechanism, the computer processor further configured to perform the steps of:
• receiving, via the input, one or more payment instructions with one or more withholding tax data elements wherein the one or more withholding tax data elements comprise one or more jurisdictions;
• dynamically adjusting a set of required data elements based on an input attribute relating to the one or more jurisdictions, wherein the input attribute is retrieved from the one or more payment instructions;
• determining, via a global withholding tax processor, whether the set of required data elements specific to a region has been received;
• based on the set of required data elements, generating, via the global withholding tax processor, a withholding tax rate and type that is in compliance with the one or more jurisdictions;
• automatically applying, via the global withholding tax processor, the withholding tax rate and type to the one or more payment instructions;
• determining, via a liability processor, a risk assessment for the withholding tax rate and type wherein the risk assessment is generated using an adaptive risk model based on tagged historical data associated with a specific region;
• and
• transmitting, via the communication network, the risk assessment to a receiving entity and wherein the risk assessment is used to continuously train the adaptive risk model.