Standard Chartered to implement BearingPoint tax reporting suite
Posted: 10 July 2018 | Source: Finextra
Management and technology consultancy BearingPoint was chosen by Standard Chartered PLC to provide a QI, FATCA and AEoI/CRS reporting solution to support its international banking activities.
Standard Chartered PLC joins over 75 other financial services groups worldwide which use BearingPoint's FiTAX tax reporting solution to comply with tax regulations.
Listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India, Standard Chartered PLC is present in more than 60 markets with a strong presence in Asia, Africa and the Middle East. FiTAX’s coverage of more than 110 jurisdictions and the ability to monitor and adapt to the ever-changing client tax requirements is in line with the bank’s needs. The FiTAX team analyses the local guidance, specific rules and the reporting formats and deadlines, to enable compliance with the latest fiscal guidelines.
Asked what the main reasons were for the bank choosing BearingPoint’s FiTAX software, Tom Pryce, Head of Client Tax Information Reporting at Standard Chartered said: “BearingPoint’s coverage and accuracy were key differentiators in our decision to select FiTAX. Attention to detail on the technical reporting requirements, combined with business and implementation expertise, has enabled a smooth integration of FiTAX into our systems and processes thus far.”
“With our office in Singapore, we are close to our colleagues from Standard Chartered and can support them directly with our technical and business expertise. We see an increasing demand for trusted advisory in combination with ready-to-use vendor solutions complying with extensive ever-changing regulations. We're delighted to help Standard Chartered to simplify and automate their client tax reporting process”, says Dirk Jaensch, Partner at BearingPoint Singapore.
Given the challenges of a multi-jurisdiction implementation, relying on a proven and trusted solution is of great value for the bank. The group also benefits from BearingPoint’s long-standing collaboration with one of the “Big 4” accounting firms which supports BearingPoint to keep FiTAX in compliance with regulatory changes.
“We are very pleased that Standard Chartered Bank decided to partner with BearingPoint. It is a further milestone on the roadmap of FiTAX and underpins its market leading position in the tax reporting domain. We are looking forward to being a valuable integration partner to Standard Chartered Bank such that they can maximize the benefits from using FiTAX”, says Ronald Frey, Partner at BearingPoint Switzerland
With FiTAX, financial institutions can cover their reporting needs under many tax regimes. FiTAX is a sophisticated and holistic 360° tax reporting solution, and market leading in a number of countries throughout the world. From data acquisition through to uploading directly an encrypted report file into the tax authorities’ portals, FiTAX covers more than 110 jurisdictions.