AMSTERDAM & ZURICH, May 19 (Bernama-BUSINESS WIRE) -- Management and technology consultancy BearingPoint, which ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech), announced today that the first institutions in early adopter countries successfully submitted their initial reporting under the Common Reporting Standard (CRS) with BearingPoint’s tax reporting solution FiTAX.
The Common Reporting Standard was developed by the Organization for Economic Co-operation and Development (OECD) to maximize efficiency and fight tax avoidance. Over 100 countries worldwide have agreed to fulfill these reporting requirements by September 2018. The initial reporting for the first 53 countries, the early adopters, began in the first quarter of 2017. BearingPoint’s FiTAX-CRS module is dedicated to the Automatic Exchange of Information (AEoI) and reporting under CRS. It enables financial institutions around the globe to comply with these new reporting requirements.
Given the complexity of the CRS reporting regime, the FiTAX-CRS module had already been delivered to clients in Q3/Q4 2016 in anticipation that incorrect or late report submissions could result in penalties. By receiving this module well in advance of the filing deadline, FiTAX users had a longer time period to sufficiently work with new processes and use the new module to properly prepare their reports.
“We are very proud that the first reports have been successfully submitted and that our clients were able to meet their reporting requirements under CRS and the Automatic Exchange of Information. We are now seeing rising interest in tax reporting solutions from many large financial institutions in the Americas as well as in Asia. Our experiences and lessons learned from the early adopter countries are especially valuable for the Asian-based institutions because many of them are in the second wave countries with first reporting due in 2018. These clients will be benefitting from the operation of FiTAX in European markets,” says Ronald Frey, Partner at BearingPoint.
The Common Reporting Standard was developed by the Organization for Economic Co-operation and Development (OECD) to maximize efficiency and fight tax avoidance. Over 100 countries worldwide have agreed to fulfill these reporting requirements by September 2018. The initial reporting for the first 53 countries, the early adopters, began in the first quarter of 2017. BearingPoint’s FiTAX-CRS module is dedicated to the Automatic Exchange of Information (AEoI) and reporting under CRS. It enables financial institutions around the globe to comply with these new reporting requirements.
Given the complexity of the CRS reporting regime, the FiTAX-CRS module had already been delivered to clients in Q3/Q4 2016 in anticipation that incorrect or late report submissions could result in penalties. By receiving this module well in advance of the filing deadline, FiTAX users had a longer time period to sufficiently work with new processes and use the new module to properly prepare their reports.
“We are very proud that the first reports have been successfully submitted and that our clients were able to meet their reporting requirements under CRS and the Automatic Exchange of Information. We are now seeing rising interest in tax reporting solutions from many large financial institutions in the Americas as well as in Asia. Our experiences and lessons learned from the early adopter countries are especially valuable for the Asian-based institutions because many of them are in the second wave countries with first reporting due in 2018. These clients will be benefitting from the operation of FiTAX in European markets,” says Ronald Frey, Partner at BearingPoint.
No comments:
Post a Comment