Insight
The Bahamas automates FATCA and CRS exchanges with single platform
The Bahamas MOF turns to the Regnology Tax Authorities solution, to upgrade its FATCA reporting and introduce a CRS reporting element.
Read moreCRS requires FIs in Oman to gather financial account information on foreign taxpayers. The information is sent to their resident jurisdictions with the overall aim of the detection of undeclared assets offshore as well as acting as a deterrent in the future for hiding money offshore.
CbC reporting is an obligation that forms part of the actions set out under the OECD Base Erosion Profit Shifting (BEPS) project. It means that the OECD puts an obligation on large MNEs to submit detailed reports on certain economic indicators. These are then exchanged globally from the parent entity country to those of its subsidiaries to formulate a better view of their global operations and in particular, booking of profits for tax purposes.
Regnology Suptech provided both a solution for technical compliance as well as the experience and subject matter expertise that the Oman Tax Authority was looking for in a platform.
We selected the AEOI solution based both on the user-friendliness of the solution as well as their track record of success with tax authorities not just in the region but globally
Said Ahmed Al Shanfari Director of Tax Agreements
Oman Tax Authority
The solution
The bespoke solution provides a user-friendly software platform that allows the Oman Tax Authority to meet its international tax information sharing commitments including CRS and CbC reporting. It also offers an Analytics Module enabling further data analysis, sophisticated data reporting, and actionable insights beyond the many out-of-the box features.
We are delighted to see the project reach go-live ensuring we meet our exchange commitments on time with the highest quality data and ultimately ensuring that Oman maintains a well-regulated and transparent environment
Said Ahmed Al Shanfari Director of Tax Agreements
Oman Tax Authority
Insight
The Bahamas MOF turns to the Regnology Tax Authorities solution, to upgrade its FATCA reporting and introduce a CRS reporting element.
Read moreInsight
A South Asian tax authority turns to Regnology AEOI to satisfy its global transparency commitments
Read moreInsight
Panama’s tax authority selected Regnology Suptech making Panama an early adopter of the FATCA and CRS rules within the AEOI standard.
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