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.

The authority carried out its first exchanges of information to partner jurisdictions in 2018 complying with changes to global standards.

  • The bespoke AEOI solution incorporated self-registration and account creation for financial institutions and multinational enterprises, extensive validation of CRS data, and configuration options for running in “fully automated” mode.
  • Regnology AEOI allows the tax authority to use a single software platform and includes support for all requirements. This extends beyond CRS regulations and CbC reporting into other information exchange requirements.
  • The project was delivered in conjunction with the UK’s Department for International Development (DfID) now replaced by the equivalent Foreign, Commonwealth & Development Office (FCDO), highlighting the level of trust that government agencies have in us.

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