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In 2010, the particular economic and legal role of the US allowed to globally implement FATCA as the first regime governing the automatic exchange of information to reduce tax avoidance and evasion.
i:Reg was one of the first FATCA reporting engines able to create FATCA XML as well as the form 8966 and has been implemented globally for IGA1, IGA2 and direct reporting via IDES by FFIs and USFIs. Deviating national reporting formats for IGA1 models are supported via configuration. The product is distinguished by the highest degree of automation and the handling of complex transactions like one- and two-level correction procedures. The software guarantees consistent reports upon the simultaneous creation of reports according to QI or CRS.
New laws governing global Automatic Exchange of Information (AEoI) – currently being implemented as the OECD Common Reporting Standard (OECD CRS) – among major nations will place a greater compliance burden on financial institutions, many of which are already grappling with the complexities of the Foreign Account Tax Compliance Act (FATCA), the bilateral anti-tax evasion legislation imposed by the US.
Provision of robust data will lie at the heart of CRS requirements and, in this interview, Dr Wolfgang Goeb, head of business development at software vendor Software Daten Service, explains how financial institutions can begin to tackle the reporting challenges they will face.
Duration: approx. 20 minutes
SDS webinar panel discussion on CRS, FATCA AND QI COMPLIANCE TAX REPORTING INSIGHTS FOR 2018 2017 has been a tumultuous year for Tax Reporting and as Financial Institutions gear up for the 2018 reporting year, there's a lot to reflect on and still much to be clarified. In preparation, we've gathered a panel of experts from Wellsfargo, ABN Amro, Deloitte and SDS to interpret updates from the IRS, OECD and local authorities.Eventinfo