FiTAX CRS

FiTAX CRS/AEOI (Common Reporting Standard/Automatic Exchange of Information) is a standard reporting tool that helps financial institutions to comply with the CRS reporting duties.

In order to maximize efficiency and fight tax avoidance by allowing tax authorities to access information on their clients’ assets and incomes, the OECD has introduced a standard for Automatic Exchange of Information (AEI/AEOI): the Common Reporting Standard (CRS).

Partially similar to the US FATCA (Foreign Account Tax Compliance Act), and informally called GATCA (Global Account Tax Compliance Act), CRS extends exchange of information to a much broader scale.

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Concept

FiTAX CRS covers many jurisdictions through multi-reporting mechanisms. It produces customized reports and manages local exceptions. As bilateral and multilateral agreements are signed at different dates, FiTAX CRS manages different implementation/reporting dates and evolves to stay in line with all the regulations.

To leverage on existing reporting processes, FiTAX provides its clients with a single reporting management platform for QI, EUSD, FATCA, UK FATCA and CRS/AEOI. Each module is independent, but in order to ease the implementation, all the reporting modules can share the same user interface (Helios), the same IT infrastructure, the same access rights management and the same data.

Standardized software solutions since 2001

FiTAX is a standard tax-reporting solution built by BearingPoint and evolving since 2001. It covers the QI, EUSD, US FATCA, UK FATCA and CRS/AEOI reporting requirements.

Extensive experience in reporting regulations

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, 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 our 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.

Close collaboration with a Big 4 firm

Since 2001, BearingPoint has been working closely with a Big 4 firm. It provides assistance with all reporting topics and advice on how to interpret tax laws in order to implement the necessary reports/feature

This initiative is part of how BearingPoint strives to provide real value-adding, high-quality reporting software.

Business Applications

About CRS reporting

One of the unique features of FiTAX CRS is reflected in our commitment to provide both generic and specific reporting. FiTAX matches global regulations and the local constraints, such as managing deviations between countries, by example regarding the types of accounts, types of incomes and types of clients to report or regarding the look-through entities.

FiTAX CRS also takes into account signatures that result from bilateral/multilateral agreements between countries.

Thanks to our extensive experience in dealing with tax authorities of many countries, we can handle future changes in tax reporting requirements.

Scalability for global deployment

FiTAX is scalable to serve global financial institutions as well as local entities. An increasing number of financial institutions are applying a hub-based implementation of FiTAX. It means that most entities report centrally, while others do so locally in each entity. FiTAX supports both approaches.

Benefits

  • Consistent: Standardized and automated reporting solution.
  • Streamlined: Single and standardized tax-reporting tool, connected with a user-friendly and powerful user-interface.
  • Always up-to-date: Bilateral and multilateral agreements linked to CRS are added and are likely to evolve further in the next months/years. BearingPoint is closely monitoring and implementing the changes that take place around the OECD Common Reporting Standard.
  • Reliable: More than 60 financial groups, producing reports of about 2000 FFIs, are currently using FiTAX in more than 80 countries over the world.
  • Adaptable: Suitable to any business – from small/medium Financial Institutions to large financial groups and service providers working with hundreds of legal entities.
  • Flexible implementation: Hub-based implementations can be combined with localized deployments.

A user-friendly, powerful and multilingual interface

All FiTAX modules share the same user interface named Helios and offer advanced key features:

  • Advanced roles and security administration
  • Integrated workflows management and 4-eyes validation
  • Advanced frames, grids and views
  • Figure analysis/business intelligence (BI) and management reporting (KPIs)
  • Archiving, backup, audits and logs managements

Each FiTAX module provides many powerful features, such as:

  • Scalability, multi-entity & multi-business areas
  • Thousand of data-quality controls and integrity checks
  • Fully customizable and multilingual client reports
  • Data encryption, Correction and Consolidation functions
  • Manual and/or automated ETL processes, including Referential/Mapping features

Thanks to its strong scalability, FiTAX can be implemented at small/medium financial institutions, as well as in large financial groups. The key elements about the implementation:

  • Fast and straightforward deployment
  • Reduced implementation and maintenance costs
  • Centralized (hub) and/or decentralized architectures
  • Existing standard data interfaces with some core systems
  • Assistance of BearingPoint’s experts

Consulting Services

We provide expert consulting services on fiscal reporting. Financial institutions can benefit from:

  • Efficient implementation processes
  • Coordinated planning thanks to continuous release management
  • Know-how transfer from our experts to your employees

We provide consulting services independently of technology suppliers and products. In order to support our clients with the best technology solutions in the marketplace, we have built an alliance program that allows us to work with some of the leading technology companies.

 

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