CRS Reporting Service
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 their relevant tax authorities.
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 & 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 reporting
- Failure to meet the reporting deadline and overall requirements
- Costly investment in resources to help you file the relevant submissions, which 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
Key Features
- Cost-efficient integrated reporting solution provided under a single platform
- Highly automated and scalable solution that can report as many accounts as you have
- 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
MAP FinTech receives reportable information, constructs the CRS annual report, and, for most countries, submits it to the relevant competent authority as prescribed by the relevant provisions of CRS.