Efficient Tax Reporting with Siron®FATCA
New Siron® Module Guarantees Compliance with FATCA Guidelines and Makes Financial Institutions CRS-Ready
Bensheim, 12/12/2014. With Siron®FATCA Reporting, TONBELLER launches a solution for tailored FATCA reporting and provides the basis for compliance with OECD rules and regulations. The new module complements the existing FATCA compliance solution. It can be used stand-alone or in combination with third-party software for FATCA identification and classification.
It is the objective of the U.S. Foreign Account Tax Compliance Act (FATCA) to identify all U.S. taxpayers worldwide and levy taxes on relevant income. The introduction of a 30% withholding tax on U.S. revenues for non-cooperative institutions turns FATCA compliance into a genuine monetary factor.
In addition, many states have agreed to follow the U.S. example to fully collaborate with each other. The exchange of tax-relevant data will be based on the reporting standard stipulated by the OECD in close collaboration with the G20 states and the European Union; first requirements have already been published mid-2014. Since more than 50 countries and most of the OECD states support the Common Reporting Standard (CRS) to come into force in 2017 and have also signed a corresponding agreement, immediate action is needed. Siron®FATCA Reporting ideally prepares financial institutions for this challenge by making them CRS-ready.
100% Compliance – Today and Tomorrow
The solution covers 100 percent of the FATCA regulation, i.e. the reports generated by the tool fully comply with IRS standards and also meet IGA1 and IGA2 requirements. Data preparation, report generation and transmission are audit-proof, while reports can be customized and adjusted to national law or internal requirements.
Financial institutions wishing to benefit from Siron®FATCA Reporting, may do so in one or the other way: On the one hand, TONBELLER customers can use a complete and highly integrative FATCA Compliance Suite that grants compliance with current guidelines and prepares them for future reporting standards the best possible way. On the other hand, the module can be operated as a stand-alone solution, combined with third-party FATCA software, and integrated intelligently with existing IT environments.
Simply Generate Added Value
Since Siron®FATCA Reporting is capable of generating and administering an unlimited variety of reports and addressees, the solution is the perfect basis for international tax-data exchange: Even today, Siron®FATCA Reporting already integrates data from numerous sources. For report generation, it uses predefined and customized templates. Before releasing and sending the reports, tests can be made, e.g. to secure completeness. Many research and administration options are also available.
Banks and insurance companies who already work with Siron®AML or Siron®KYC may fulfill the FATCA requirements with a minimum of effort. The rules for the identification of FATCA-relevant customers and accounts can be integrated with the screening at customer acceptance and with continuous close monitoring.
For further information, point your browser to FATCA Compliance.