Challenges of reporting
Data such as Tax Identification Numbers (TINs), the identity and residence of the account owner, citizenship, account/debt claims, reporting entity, and interest payments, may be well established, but actual data management presents complexities.
The US Internal Revenue Service and Intergovernmental Agreement (IGA) partner countries have reporting requirements and electronic schemas and formats that differ between countries. This makes the mechanics of formatting and filing data difficult.
AEOI Reporting provides complete data collation, validation and submission for FATCA and CRS reporting as well as management information reporting, including tracking key data points and submission dates. Our solution helps you to reduce the risk and burden of FATCA and CRS by providing an established and trusted platform, leveraging the knowledge and expertise from our extensive tax compliance business.
Achieving reporting success
The global move toward tax transparency is challenging financial firms around the world to maintain compliance with evolving tax regulations while juggling the implementation of new procedures. This shift represents a prime opportunity for your firm to demonstrate conscientious business culture and enhance reputation. With Thomson Reuters ONESOURCE™, always stay one-step ahead of the ever-changing regulations so you can future-proof your reporting strategy.
FATCA and CRS: How ready are you?
In this new era of global tax reporting, there are more regulations on tax transparency than ever. Both FATCA and CRS have a far-reaching global impact beyond the original intention of minimising offshore tax evasion and regulating financial institutions. Our survey reveals the market's readiness for global tax reporting.
Special Report: From FATCA to CRS - Finding the Right AEOI Reporting Solution
With FATCA, CRS and all the other global regulations in between, financial institutions are facing tax complexity like never before. This report takes a holistic look athe global tax landscape and the best practices for selecting a reporting solution.