London, United Kingdom, July 25, 2015 --(PR.com
)-- A Secure On-line Reporting System which provides a cost-effective method for financial institutions’ FATCA and Common Reporting Standard (CRS) reporting requirements has been successfully deployed.
Developed by Webtech Limited in conjunction with Russell Bedford's Isle of Man member firm SMP Partners, the solution is uniquely designed by users for users.
The reporting tool allows banks, trust and corporate service providers (TCSPs) and other financial institutions (FIs) to be fully compliant with all reporting requirements while safeguarding clients’ information. In addition, a consultancy service is also available, if required, to ensure the accuracy of information reported.
The Secure On-line Reporting System allows users to input the required information into an Excel spreadsheet which is then converted into the required XML format, ready for submission to the relevant local tax authority. Test files have been confirmed as being compliant and, therefore, FIs can be confident that their reporting submissions will meet the prescribed format.
The reporting system supports reporting for both US FATCA and also the Intergovernmental Agreement between the UK and the Crown Dependencies and Overseas Territories (CDOT).
Webtech CEO Chris Davies said: "Being local providers and users, Webtech and SMP Partners understand the needs of the Isle of Man and the other CDOT’s business communities. It is clear that demands for secure data transmission will increase significantly, so we decided to invest in ensuring our reporting software is able to meet the requirements of our clients."
Mark Denton, Managing Director of SMP Partners, added: "As reporting FIs ourselves, we know from personal experience that banks, TCSPs and other FIs are faced with significant costs, both monetary and time, to ensure they are fully compliant with the demands of various tax and regulatory authorities while safeguarding the interests of their clients.
"Claire Mulhern, who recently joined SMP Partners from her previous role in the Isle of Man Government Income Tax Division, is fully aware of the complexities of FATCA and the UK IGA and has worked closely with Webtech in ensuring the reporting system meets FIs’ needs.
"This partnership provides a joined up consultancy and reporting solution for all FATCA and CRS needs."
The Common Reporting Standard, which has an effective date of 1 January 2016 for the CDOT jurisdictions, will require FIs to report on individuals and entities resident in almost 100 countries from as early as 2017. The Secure On-line Reporting System will also provide the functionality for this reporting.
Notes for Editors:
The Isle of Man in 2013, together with the other CDOTs, signed Intergovernmental Agreements with the US and the UK to implement agreements to improve tax compliance and implement FATCA.
Under the terms of both agreements, Isle of Man FIs will provide the Isle of Man Assessor of Income Tax with the required information annually within prescribed deadlines. The Assessor will forward that information to the Competent Authority in the relevant jurisdiction. The position is replicated in each of the CDOTs.
The OECD’s Common Reporting Standard (CRS) is a global standard for automatic exchange of financial account information between Governments, which is broadly similar to FATCA. 93 jurisdictions have committed to adopting the CRS with 51 jurisdictions acting as early adopters of the CRS and agreeing to exchange information from 2017. This requirement will greatly increase the scope of reporting requirements and it appears that many of those who will be affected remain unaware of its impending introduction.
About Russell Bedford International
Established in 1983, Russell Bedford International is a global network of independent firms of accountants, auditors, tax advisers and business consultants. Ranked amongst the world’s leading accounting and audit networks, Russell Bedford is represented by some 600 partners, 5000 staff and 290 offices in more than 100 countries in Europe, the Americas, the Middle East, Africa and Asia-Pacific. Russell Bedford International is a member of the IFAC Forum of Firms and a member of EGIAN, the European Group of International Accounting Networks and Associations.
Chris Davies, Webtech
Mark Denton, SMP Partners
Russell Bedford International
T: +44 20 7410 0339