Global Information Reporting is now upon us. The introduction of the US Foreign Account Tax Compliance Act (FATCA) created to tackle tax avoidance by US citizens was the first new legislation to take hold. This was closely followed by the UK version of FATCA which required account information of UK tax payers within the Crown Dependencies and Overseas Territories (CDOT) to be reported to the local tax authorities.
From 2016, the Automatic Exchange of Information (AEoI) has expanded further by the initiative of the Organisation for Economic Co-Operation and Development (OECD) to create a standardised model for the exchange of financial account information. Many countries have already signed up to this program which is known as Common Reporting Standard (CRS) with more coming on board for 2018 onwards.
Tax Computer Systems’ intelligent software application, Alphacat, will provide organisations with a valuable tool to accurately prepare and manage all their global reporting requirements including:
- US FATCA
- UK FATCA – Crown Dependencies and Overseas Territories (CDOT)
- CRS – Common Reporting standard
It is vital that organisations are fully prepared to report information on a global scale. Businesses are required to have robust processes and comprehensive software in place to both manage the demanding requirements and continue to evolve with the future developments of these regimes.
FATCA & CRS Filing Service
If limited time or resource currently means that you are unable to adopt a software solution to bring the FATCA & CRS compliance in house, then Tax Computer Systems Ltd offers a comprehensive service to create the required FATCA XML returns for onward submission to the relevant tax authorities.
Encompassing the use of TCSL’s FATCA & CRS Reporting software, Alphacat, we shall work with you to ensure your needs are fully managed to a high standard.