The deadline for Foreign Account Tax Compliance Act (FATCA) is fast approaching. By December 31st 2016 you must have at least demonstrated some progress towards compliance.
To help guide our customers through this process we have released The FATCA Report: Ask, Analyse and Measure.
The report provides clear advice on how to guide your organisation towards being FATCA compliant before the end of the year. It also offers advice on how to combine it with CRS regulation to maximise the investment.
Five Steps to Tax Compliance
- Develop a clear project plan: Establish exactly what can realistically be done before the end of the year in order to demonstrate significant progress towards compliance.
- Set a firm deadline for receipt of self-certification: The likelihood is that you have asked customers to self-report initially. Set a clear deadline for responding, which will then allow you to draw a line under those that might not lead to a clear outcome.
- Decide whether to comply with just FATCA or other regulation too: With CRS just around the corner a decision should be made on whether to combine both pieces of regulation. This will require additional investment and planning but the upside is considerable.
- Understand how to monitor changes in customer circumstances: Even if the deadline is met, staying on top of changes to customer details is a big challenge. Comprehensive data and analytics, such as those provided by Dun & Bradstreet, can automatically classify accounts ensuring further reporting is straightforward.
- Clarify your reporting process: establish the priorities and use your progress as a building block for 2017.
Download our detailed guide to learn how data and analytics can help financial institutions accelerate compliance with FATCA and prepare for CRS.