2017 was a very dynamic year in tax regulation matters, with first CRS reporting for early adopter countries, evolution in FATCA reporting in terms of XML schema, encryption and notifications and forms updates and changes in QI reporting in order to include the coming QDD agreement. In that context, BearingPoint increases its investments and efforts to cover its user’s needs. Through the year 2018, new FiTAX products and module enhancements will be deployed.
Newly developed Canadian tax module
One very important step for BearingPoint is the development of the Canadian Tax module. On the subject of new products, with the Canadian Tax module, FiTAX covers the Canada Revenue agency (CRA) requirements and allows financial institutions to prepare and send following forms:
Qualified Derivatives Dealer
FiTAX is also ready to face the new agreement for Qualified Derivatives Dealer (QDD, Section 871(m) of QI agreement) by developing a dedicated module.
Broader coverage of countries worldwide
In terms of enhancements for existing FiTAX modules, BearingPoint’s commitment to cover all the countries where its clients have entities will lead to a country coverage extension from 85 to 112 countries. FiTAX team is also improving the Recon module, made to reconcile the granular data of the financial institutions with the aggregated data of the custodians.
New technology for web-based interface
But above all, since January 2018, FiTAX web has been adopted as application by default instead of thick client. This new user interface offers a lot of new features bringing added value to FITAX users: KPIs dashboard, calendar deadlines, new centralized user interfaces to ease the releases deployment as well as add-ons and upgrades on multiple databases.