Addressing how financial institutions can adapt to tax transparency and turn the reporting obligations into a competitive advantage

About this Virtual Executive Roundtable

The road to global tax transparency has been long, and at the forefront of international tax discussions for the while, but it has finally become a global reality. 

With the introduction of the Common Reporting Standard (CRS) in 2017, tax transparency is now impacting FIs in a much broader and global scope than it has in the past under the US Qualified Intermediary (QI) reporting rules introduced in 2002, and the Foreign Account Tax Compliance Act (FATCA) that came into effect in 2014. The pressure for the implementation of a centralized report unit and process is further exacerbated by the reporting due under the OECD's Model Mandatory Disclosure Rules (MMDR) and the EU's application of it under its DAC6 scheme. The next big topic might be the introduction of TRACE (Tax Relief and Compliance Enhancement). This new OECD initiative, which is inspired by the U.S. Qualified Intermediary regime, has already been brought into force in Finland, and the European Union now also considers the implementation of TRACE on a European level. 

Tax transparency has also become a reality for investors. As international tax regulations become more stringent, taxpayers face challenges in reporting their onshore and offshore assets to tax authorities, with some using the voluntary disclosure facilities offered by some governments. As a result, financial institutions are finding that their clients are increasingly requesting the institutions to provide tax reports consisting of tax information such as income, capital gains or wealth, in order to assist in filing tax returns according to the respective tax law. And the demand for client tax reporting services is growing.

With all this data exchange and client requirements, FIs are having to adapt quickly to meet the demands of their clients and the authorities. The ultimate question is whether FIs will keep their reporting in-house or outsource it to a specialised service provider.

The following topics will be discussed:

  • How can FIs use the increased tax transparency and transform reporting obligations into an opportunity for their business
  • Impact of tax transparency on operations and IT
  • Dealing with various country-specific tax rules
  • How financial institutions can leverage technology to meet regulatory requirements
  • How emerging technologies may be helping with finding the right balance between privacy rules and transparency
  • The future of Global Tax Transparency 

Speakers:

  • Erland has 20 years of tax experience from Nordea, PwC, KPMG and the Swedish tax authorities. He has international experience from London and is responsible for CRS/FATCA/QI in the Nordea Group and for all tax areas at Nordea Life and Pension.

  • Mehdi is a professional with 10 years’ experience providing software and services in the financial sector. He joined BearingPoint RegTech in 2017 and he is currently Head of FiTAX Service Team, providing advisory services and support to banks across the globe. Mehdi and his team specialize in regulatory tax reporting regimes such as QI, FATCA, CRS/AEOI and DAC6/MDR.

  • Karin has 20+ years of experience with financial institutions. She joined BearingPoint RegTech in November 2020 in the role of Senior Sales Executive, in the Netherlands. Her background varies from working in asset management and selling software solutions to financial institutions (asset managers, private banks, pension funds, large banks and more).

  • Vishnu has 6 years’ experience in regulatory compliance technology. He specializes in helping Financial Institutions leverage innovative technology solutions to solve for regulatory compliance requirements, including that of tax compliance regimes such as FATCA, CRS and QI.

  • Mary O’Leary has led Vizor Software’s business development of the company’s solutions for Tax Authorities since 2107. In this role, she is responsible for product oversight and assisting jurisdictions with their Automated Exchange of Information (AEOI) obligations for the purposes of Common Reporting (CRS) exchanges, Country by Country (CbC) Reporting and Exchange on Tax Rulings (ETR) as well as the Foreign Account Tax Compliant Act (FATCA).

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