Tax information reporting


Ensuring accurate reporting to clients and tax authorities

The fight against tax evasion by the world's governments, who are pushing for greater tax transparency, led to the introduction of automatic exchange of customer information by financial institutions to tax authorities.

Companies need to be able to interrogate, consolidate and transmit huge amounts of sensitive data quickly, easily and in a secure and auditable form to tax authorities and customers. They want tax articulate reports so that they can complete tax returns easily and accurately.

PwC continues to make significant investment in technology to help financial services firms meet these significant new challenges. For more information, please watch this short animation.

loading-player

Playback of this video is not currently available

View transcript

We can add value to your business

Automatic Exchange of Information (AEoI) Reporting: A complete global reporting solution for CRS, FATCA and CDOT

Automatic Exchange of Information (AEoI) in 2018

The World's governments push for greater tax transparency led to the introduction of automatic exchange of information (AEoI) by Financial Institutions (FIs) to tax authorities. The Foreign Account Tax Compliance Act (FATCA), generally requires that FIs and certain other non-financial entities outside of the US report on the assets held by their US account holders. The Common Reporting Standard (CRS), developed by the OECD calls on FIs to report assets held by account holders resident within a reportable list of participating jurisdictions. The reportable list of jurisdictions is dependent on the jurisdiction that the FI operates in.

2018 sees a further expansion of the number of jurisdictions participating in the Common Reporting Standard (CRS). More than fifty additional jurisdictions implemented CRS in 2017 with the first reporting due this year. The key jurisdictions this year are Canada; Australia; New Zealand, Hong Kong, China, Switzerland, Japan and Singapore.

The impact is two fold:

  • If companies have account holders that are tax resident in these new jurisdictions you may need to include them in your reporting population this year; and
  • Companies will need to consider whether any legal entities in your structure in these jurisdictions have met their obligations under the CRS rules as implemented in each jurisdiction.

Unfortunately, there is little alignment between jurisdictions. Some will require a nil return to be made. Others, such as Cayman Islands, will require companies to register all FIs they have in that jurisdiction. Of course, the statutory filing dates are all different. Not correctly reporting or failing to meet other obligations can result in significant monetary fines. For example, Luxembourg levy fines of €250,000 for failing to file a return. Moreover, both the UK and Ireland tax authorities intend to undertake compliance checks in 2018 to ensure their FIs are complying with FATCA and CRS.

PwC AEoI Reporting

PwC AEoI Reporting draws on the PwC’s global tax expertise and a network which includes a presence in 157 countries. Last year they helped more than 1,000 FIs report on more than 350,000 accounts in over 30 jurisdictions. This year they will be handling submissions to over 50 authorities globally. The team offers a technology platform that enables companies to interrogate, consolidate and transmit large amounts of sensitive data quickly, easily and in a secure and auditable form to tax authorities and customers. It can:

  • Consume client data through multiple integration/delivery methods
  • Validate and aggregate data to prevent delays or submission failures
  • Provide clear management reports
  • File in over 50 jurisdictions
  • With a PwC presence in 157 jurisdictions others juridictions can be added on request
  • Provide technical accuracy and monitoring through local offices
  • Produce an auditable trail
  • Quickly and effectively update complex tax rule changes and build new functionality

For further information contact us.

View more

Multi Jurisdiction Tax Reporting

What is it?

Multi lingual and multi-currency tax reports for your customers in the same format as their local tax authority returns.

How can it add value to your business?

Ensures you are doing all you can to ensure your customers' continued tax compliance.  By charging or these reports you can add profits to your business.

View more

UK Tax Reporting

What is it?

Tax reports in the format of an HMRC tax return for your customers, uniquely with accurate capital gains calculations at client rather than account level. Ongoing updates via PwC's global tax network.

How can it add value to your business?

Helps your customers be compliant more easily, enhancing your reputation with them. By charging or these reports you can add profits

 

View more

'What If' Scenario planning

What is it?

A tool that can give the tax implications of potential investment decisions to ensure that tax efficiency is factored into purchase and sale decisions.  

How can it add value to your business?

Used to support better quality customer interaction by investment managers.

 

View more

CG Calc

What is it?

A technically accurate capital gains calculation engine with wide asset coverage.

How can it add value to your business?

Ensure that you have access to accurate capital gains figures.

View more

Other Regulatory Reporting

What is it?

Any type of tax related regulatory reporting is either handled or can be developed. Current coverage includes BBSI, EU Savings Directive and Rubik reporting

How can it add value to your business?

Releases your resources by automating and outsourcing these reporting requirements.

View more

Contact us

Paul Beeson

Director

Tel: +44 (0)781 206 9717

Yamen Makdad

Manager

Tel: +44 (0)20 7213 8712

Follow us