New RegTech API for Foreign Tax Reporting Introduced by Univeris
On the heels of Foreign Account Tax Compliance Act (FATCA), the Organization for Economic Co-operation and Development (OECD) has developed a Common Reporting Standard (CRS) that calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. CRS is expected to be implemented in Canada on July 1st 2017.
Foreign Tax Reporting API Features
The Foreign Tax Reporting API permits easy compliance with the CRS framework. Features of the service include, verification of account and contact eligibility, computation of indicia for CRS and FATCA, and integration with the Univeris Platform for full, end-to-end processing of CRS and FATCA rules.
Foreign Tax API Benefits
Dealers and Financial Advisors benefit by enabling a self-sufficient and verifiable CRS algorithm, while IT Operators benefit from the flexibility to distribute the computing of the system to various environments of subscribe to the service.
Univeris Foreign Tax API
To learn more about the Foreign Tax Reporting API, fill out the form below.