BearingPoint has been awarded the Best Solution in Tax Reporting in the inaugural Regulation Asia Awards for Excellence 2018 at a ceremony in Singapore on 13 November 2018.
BearingPoint offers standardised and ready-to-use tax reporting software which enables financial institutions to report to tax authorities across the world from a single and centralised platform. In use at over 2,500 financial institutions in more than 110 jurisdictions, including some of the biggest banks in the Asia Pacific region, the solution – known as FiTAX – ensures compliance with cross-border tax reporting regimes such as FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard).
FiTAX automates the entire reporting process, including making direct submissions to tax authorities. The solution is bolstered by a customisable client reporting engine that can be used to build both internal and external reports for financial institutions, among other enterprise features. BearingPoint keeps the solution up-to-date by leveraging on a partnership with a big four accounting firm as well as its own in-house tax experts, ensuring clients remain compliant with the latest requirements imposed by tax authorities.
In addition to having a powerful and secure user interface, FiTAX pays special attention to data quality and integrity, performing 1,500 checks to look at specific data elements and alert users of corrections that may be needed in core systems or in the solution itself. Changes needed to initial submissions already delivered to tax authorities are also handled by FiTAX.
BearingPoint’s coverage, accuracy and attention to detail in the technical reporting requirements were cited as key differentiators in Standard Chartered Bank’s integration of FiTAX in its systems and processes, a decision the bank announced earlier this year.
Brad Maclean, Co-founder and Executive Chairman at Regulation Asia said: “The risks of noncompliance with tax reporting obligations under such regimes as FATCA are too great for financial institutions to ignore. Yet, compliance can be operationally burdensome and costly without the right tools in place. With FiTAX, BearingPoint has managed to automate the reporting process and reliably ensure the solution is always kept up-to-date with new regulatory requirements, removing many of the pain points for banks in their reporting obligations.”
About the Regulation Asia Awards for Excellence 2018
The inaugural Regulation Asia Awards for Excellence recognises technology companies, legal and consulting firms, and exchanges that have shaped the regulatory landscape in Asia Pacific, as well as outstanding technology projects both in mature and emerging markets by large tech firms and innovative startups that help meet the requirements of a specific regulatory change infrastructure.
For a full list of award winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source for actionable regulatory intelligence for Asia Pacific markets. Since 2013, our audience and subscription base have grown to include regulatory bodies, exchanges, banks, asset managers and service providers, allowing us to play a key role in the regulatory agenda.
Visit www.regulationasia.com or connect via LinkedIn or Twitter.
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