How to Make Your FATCA and CRS Reporting Look Simple?
For several years, the tax authorities and policymakers worldwide have been taking measures to increase global tax transparency and combat tax evasions. With this aim, the Organisation for Economic Co-operation and Development (OECD) and the Internal Revenue Service (IRS) enforced the FATCA/CRS regime to detect undisclosed record assets held by the citizens in foreign countries. The act was enforced by imposing reporting obligations on each participating country’s Foreign Financial Institutions (FFIs). The FFIs are obliged to annually prepare their FATCA/CRS reports in XML format.
FATCA/CRS compliance is undoubtedly a complex and time-consuming process. However, you can make your FATCA and CRS reporting look simple. How? By having the following features in your FATCA/CRS solution.
Here’s How You Can Make Your FATCA and CRS Reporting Look Simple
- Reporting Data in Standard Templates
Creating a FATCA reporting template simplifies and streamlines your reporting. Moreover, it ensures ongoing compliance. Neglecting FATCA compliance can cause heavy penalties and fines. It may also lead to reputational damage. Complying with FATCA regulations is much simpler than going through audits, penalties, and fines.
- Covering the Requirements of Multiple Jurisdictions
Eligible firms and institutions must comply with the relevant reporting schema. This requires an in-depth knowledge of the FATCA requirements and the relevant taxonomy. Furthermore, each FATCA/CRS report generated should cover the requirements of multiple jurisdictions.
- Validating the Reports to Comply With Strict Guidelines
Validating the reports ensures that all your reports are compliant with FATCA/CRS guidelines and rules. Validation helps list the errors and possible corrections, reducing the chances of submitting inaccurate reports.
- Agility to Reporting Changes
It has been witnessed that the guidelines related to FATCA reporting can be altered during or after the implementation. Your FATCA/CRS solution must be agile and adaptable to stay abreast with the ever-changing nature of FATCA reporting. It must respond to regulatory changes quickly.
- Preparing Quick Reports
FATCA/CRS reporting is an extensive regulation with some pretty difficult tasks. To top it all off, there are stringent deadlines for submitting FATCA/CRS reports. Therefore, a comprehensive FATCA/CRS reporting solution is one that can prepare quick reports for submission on time.
Facing Problems With Your FATCA/CRS Reporting?
FATCA and CRS reporting has been in place for several years now. However, the ever-increasing regulatory reporting and compliance requirements can be challenging. But not anymore! All you need is a trusted partner like DataTracks. By solving complex FATCA/CRS challenges, DataTracks aims to simplify the reporting process for FFIs. Here’s how DataTracks can help you make your FATCA and CRS reporting look simple:-
- DataTracks’ FATCA/CRS reporting services aim to assist FFIs in linking accounts of individuals and entities across different business units.
- The team of XML experts have an experience of 17+ years in multiple taxonomies. Each FATCA/CRS report generated ensures compliance with the IRS/OECD requirements, the supervisory authority, and the local tax authority.
- DataTracks solution has an inbuilt validation engine to ensure that all your reports adhere to the FATCA/CRS validation rules. Furthermore, it lists the errors and suggests possible corrections to reduce review time.
- The solution offered by DataTracks is designed to be agile and adaptable. It quickly responds to regulatory changes, resulting in better efficiency and reduced cost of ownership for the clients.
- The inbuilt validation engine helps prepare error-free reports and reduces the review time, resulting in quick reports submitted within deadlines.
So what are you waiting for? Leverage the experience of DataTracks experts to make your way towards hassle-free compliance reports. Get in touch with DataTracks @+31202253702 or email at firstname.lastname@example.org TODAY!