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Numerous countries which participate in the data exchange via CRS or have concluded an IGA 1 in the framework of FATCA specify provisions for financial institutions for reporting accounts of foreign taxpayers, which to some extent significantly deviate from the international standards.
In order to be able to keep a grip on this complexity despite the tight deadlines, continuous monitoring of the worldwide regulations is indispensable. As soon as the authority of a country announces an amendment, this must immediately be analysed with regard to its repercussions in order to avoid losing time for implementation.
Three possible scenarios can be distinguished:
With the service "Regulatory Watch" in cooperation with a global consulting company, SDS offers worldwide observation and analysis of the regulatory amendments including a corresponding adaptation of our product i:Reg.
At first, information is provided to the participating customers about the type and content of the published new or changed requirements. In case of required amendments regarding the parameterisation, the customers are informed about the corresponding settings.
In case parameterisation is necessary, the requirements will be analysed in a proven way and a corresponding solution will be implemented by us.
i:Reg Regulatory Watch
SDS Webinar Optimising: FATCA/CRS Reporting : Utilization of reporting data for business intelligence and process optimisation FATCA/CRS reporting is now in "Business as Usual" mode and tax teams have already begun thinking about further streamlining of reporting processes, and/or partially outsourcing the process.In particular for large-scale operations and service providers, good quality control, plausibility checks and data validation is essential.Eventinfo