White paper: Digitalisation, automation, coverage, timeliness and reliability
In recent years, the financial service sector has increasingly been involved in guaranteeing the tax conformity of its customers, particularly those with a foreign tax domicile, both in Europe and worldwide.
Digitalisation, automation, geographic coverage, validity and reliability are – amongst others – the key challenges in the automatic exchange of information (AEOI) regarding tax matters. This is a challenging situation for the affected financial service providers in a number of ways. Frequent changes of the relevant legislation, confidential customer data, and particular duty of care, cost aspects and audit requirements represent a range of IT, operations and management requirements which are difficult to balance. For internationally active groups, the complexity additionally increases due to the differences in the relevant country-specific provisions.
The need for comprehensive, globally applicable and highly automated reporting solutions for this environment is more pressing than ever after the first few years of practical application. Here, SDS IREG is positioned as a reliable, globally proven, comprehensive and highly automated reporting software for the AEOI and for withholding tax reporting which enables financial institutions and service providers to efficiently fulfil various reporting obligations with a single application.
Our new and comprehensive report summarises the most important challenges regarding AEOI at a glance.
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