The clock is ticking for FATCA and CRS annual submissions, as the reporting deadline to the relevant Tax Authorities is set between end of May and July, for most participating jurisdictions.
The reporting deadlines for a number of jurisdictions are provided below:
CRS and FATCA Reporting Requirements
The Common Reporting Standard (CRS) requires financial institutions to report annually to their local tax authorities information on their clients that are tax residents of other participating jurisdictions to be passed on to the relevant tax authorities.
The Foreign Account Tax Compliance Act (FATCA) requires financial institutions to report annually to their local tax authorities information on their USA clients to be passed on to the US tax administration.
Challenges & Risks
Firms face a number of challenges and risks that need to be addressed in order to proceed with the pertinent submissions before the deadline:
Challenges:
- Analysis and interpretation of the requirements, which consist of over 300 pages of guidelines to read.
- More than 65 fields per record to complete.
- Complicated multilevel XML files.
- Different jurisdictions with each posing a different set of challenges.
Risks:
- Incorrect completion of CRS and FATCA submissions.
- Failure to meet the reporting deadline and overall requirements.
- Costly investment in resources to help you file the relevant submissions, which in turn may place a burden on your budget.
- Disruption of your daily operations.
- Incorrect or false submissions that may result in a withholding penalty to specific payments.
How can MAP FinTech assist you?
MAP FinTech can fully support your business’ regulatory reporting needs. We receive reportable information, construct the CRS and FATCA annual reports, and, for most countries, submit them to the relevant competent authority as prescribed by the relevant provisions of CRS and FATCA.
ΜΑΡ FinTech’s CRS and FATCA Reporting Services provide a user-friendly approach to receiving, validating, transforming and submitting the relevant information required under the CRS/FATCA reporting and due diligence rules.
These services are delivered via our powerful and award winning Polaris platform, together with the rest of its reporting offerings and our team of experts’ impeccable support services.
ΜΑΡ FinTech’s CRS/FATCA – Key Features
- Cost-efficient integrated reporting solutions provided under a single platform.
- Highly automated and scalable solution that can report as many accounts as you have.
- Flexible in the way it receives data, either via standard templates or raw data.
- Multiple reporting health checks for both content and schema and automatic filtering of erroneous entries.
- Automatic conversion of data to XML and separation of files based on tax residency.
- Submissions to various tax authorities worldwide.
- On-going communication with regulators to ensure the system reports reflect regulatory updates and changes.