KUALA LUMPUR, Oct 9 -- BearingPoint RegTech announced that Standard Chartered Bank has successfully deployed the tax reporting solution, FiTAX to fulfill its global reporting obligations.
From data acquisition to uploading directly an encrypted report file into the tax authorities’ portals, FiTAX covers over 130 jurisdictions.
These include Common Reporting Standard (CRS), Foreign Account Tax Compliance Act (FATCA) and Qualified Intermediaries (QI) reporting.
Standard Chartered was looking for a software to keep pace with the continually changing reporting requirements; as well as a partner with the consulting capabilities to support the one-time implementation project and other ad-hoc consulting needs.
The project implementation started last year when CRS, FATCA and QI reporting logic, modules and templates for 63 countries were delivered to the bank.
BearingPoint expert team based in Singapore and Switzerland then supported Standard Chartered with all aspects of the implementation from architectural design decisions, via data mapping and set-up, to testing and ultimately go live.
This half-year, Standard Chartered used FiTAX (with the support of BearingPoint experts) to successfully prepare and submit the reports before the deadlines.
-- BERNAMA
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