Since 2001, BearingPoint continuously enhanced its FiTAX tax reporting solution. One of the main challenges faced by financial institutions is to stay up to date with the ever-changing reporting requirements imposed by the tax authorities (IRS, European Union...), which frequently request evolutions in electronic files and reports. Monitoring and implementing changes both punctually and reliably is increasingly difficult for financial institutions.
FiTAX is handling the whole process and is regularly updated to comply with these evolutions in the interest of its clients. This approach has proven to be a cost-effective solution by lightening the burden of reporting for financial institutions, thus allowing them to focus on their core activities.
Currently, more than 75 main financial groups – representing over 2,500 financial institutions across 110 countries – use FiTAX QI for the Qualified Intermediary (QI), FiTAX FATCA to report to the IRS, FiTAX EU to report under the European Union Savings Directive (EUSD), FiTAX UK FATCA to report to the HMRC and FiTAX CRS to report under OECD Common Reporting Standards (CRS).