Insight
South Asian tax authority complies with AEOI FATCA, CRS and CbC reporting requirements
A South Asian tax authority turns to Regnology AEOI to satisfy its global transparency commitments
Read moreIn 2017, the Bahamas Ministry of Finance (MOF) undertook a project to update its submission processes, remove the manual effort and ensure compliance. It needed to upgrade its FATCA reporting and introduce a CRS reporting element.
After a rigorous tender process, the Bahamas MOF chose Regnology Tax Authorities solution, to support them through the process.
The challenge
The Bahamas MOF has transmitted FATCA filings since 2015. The system permitted the submission of files in either Excel or the IRS required XML format. The process was somewhat manual and required technical intervention to upload and transfer files to the IRS’ International Data Exchange Service. While the process had improved over time and was convenient for Financial Institutions (FIs) that might struggle with XML files, the Competent Authority was still responsible for automated Excel to XML file format conversion.
FIs who had experience using the portal for other jurisdictions also made requests for a more intuitive interface. Smaller filers with fewer clients were looking for a simple web form instead of the requirement to produce Excel or fully formatted XML files.
In 2017 the Competent Authority went to market, looking for a system that could meet both the existing FATCA needs and the requirement to make Common Reporting Standard (CRS) exchanges the following year.
The strength of any provider is tested when an issue arises. We were pleased they recognised the importance of the project to The Bahamas and committed all resources needed to resolve any issues that arose. This focus and expertise ensured a smooth implementation and a successful project.
Catherine Gibson Ministry of Finance
The Bahamas
The solution
The Bahamas MOF now uses Regnology Tax Authorities solution for both CRS and FATCA. The project plan was flexible enough to accommodate the availability of key Competent Authority personnel and ensure it met timeline commitments to the industry.
The Competent Authority received extensive in-person and online training, as part of the knowledge transfer process.
Financial Institutions with low volumes of filings now have the option to use intuitive web forms and are not required to prepare XML files.
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