FiTAX is BearingPoint’s standard software solution for financial institutions to produce tax reports required by tax authorities, including QI reporting, EU-Savings Directive Reporting, FATCA reporting, UK FATCA reporting and CRS/AEOI reporting
Since 2001, BearingPoint continuously enhanced its FiTAX reporting solution. One of the main challenges faced by financial institutions is to stay up to date with the ever-changing reporting requirements imposed by the tax authorities (IRS, European Union...), which frequently request evolutions in electronic files and reports. Monitoring and implementing changes both punctually and reliably are becoming significant issues for financial institutions.
FiTAX is handling the whole process and is regularly updated to comply with these evolutions in the interest of its clients. This approach has proven to be a cost-effective solution by lightening the burden of reporting for financial institutions, thus allowing them to focus on their core activities.
Currently, more than 60 main financial groups – representing over 2000 Financial Institutions across 80 countries – use FiTAX QI for the Qualified Intermediary (QI), FiTAX FATCA to report to the IRS, FiTAX EU to report under the European Union Savings Directive (EUSD), FiTAX UK FATCA to report to the HMRC and FiTAX CRS to report under OECD Common Reporting Standards (CRS).