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Insight
The Bahamas automates FATCA and CRS exchanges with single platform
The Bahamas MOF turns to the Regnology Tax Authorities solution, to upgrade its FATCA reporting and introduce a CRS reporting element.
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The Automatic Exchange of Information (AEOI) is an internationally recognised standard that aims to improve tax transparency. It incorporates the OECD’s Common Reporting Standard (CRS) among other measures such as Country-by-Country (CbC) Reporting.
In the mid-2010s, the tax authority signalled its intent to fight offshore tax evasion and avoidance. The authority is also a member of the OECD’s BEPS inclusive framework and required the automatic exchange of CbC Reporting under Action 13 of the framework.
Regnology AEOI was selected in 2017 to provide a solution that meets its requirements in a short time frame.
The Challenge
With the specific technical requirements and complex coordination among departments including IT and international tax, the authority needed planning and local assistance. This included technical analysts from an onsite team in the local area for key parts of the project.
This project covered FATCA, CRS and CbC exchanges and required us to draw on our extensive subject matter expertise to deliver an end-to-end solution that could meet all necessary compliance requirements.
Insight
The Bahamas MOF turns to the Regnology Tax Authorities solution, to upgrade its FATCA reporting and introduce a CRS reporting element.
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Panama’s tax authority selected Regnology Suptech making Panama an early adopter of the FATCA and CRS rules within the AEOI standard.
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After more than 30 years, a North American Central Bank was keen to bring its regulatory and supervisory systems up to date and online.
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