ZEDRA Signs Sovos to Automate Multi-Jurisdiction AEOI Tax Reporting
20 March 2017: ZEDRA, the independent global fund specialist in Trust, Corporate and Fund services is pleased to announce it has placed an order with global tax compliance software leader Sovos for its AEOI Reporting solution. Once implemented, the solution will help ZEDRA meet the demands of its tax compliance and reporting obligations in line with its rapid rate of growth.
More than 100 tax jurisdictions have committed to the OECD’s global standard on Automatic Exchange of Information (AEOI), with 54 early adopters undertaking their first exchanges this year. The remaining 47 jurisdictions will participate in exchanges starting in 2018. The OECD’s AEOI initiative lifts the burden associated with tax compliance, enabling firms such as ZEDRA to fully navigate global tax challenges. Recent regulations have created significant additional reporting responsibilities for financial institutions that must now file information in multiple tax jurisdictions.
As part of the deal, Sovos will also supply ZEDRA with its Taxport Compass Tool, a comprehensive tax compliance resource that will help keep ZEDRA abreast of ever-changing compliance regulations. ZEDRA chose Sovos following a competitive tender process involving three candidate suppliers.
Scott Freedman, Director, Product Strategy for Sovos AEOI commented, “ZEDRA is the ideal client for us. They are expanding rapidly on the back of providing a superlative level of customer service. That means rigorously pursuing operational efficiencies throughout the organisation and mitigating the risk of incurring penalties when filing.
Their management team realised that their existing, manually-based tax reporting system would not cope with the additional demands that multi-jurisdiction reporting would create and as befits their reputation for speed, have moved quickly to put in place an automated process.
We look forward to working alongside them as they move into other jurisdictions and are confident that our AEOI Solution will let them do this effortlessly.”
Commenting on their decision to choose Sovos, Niels Nielsen, ZEDRA Chief Executive Officer, said, “we are constantly looking at ways to improve processes within our organisation with innovative technology solutions. Sovos provides a unique service to meet the demands of our rapidly growing business needs and reporting obligations.”
ZEDRA knows and understands the need to embrace leading-edge technological advances in market reporting which is core to the advancement of its company.
After our first FATCA filing we saw the pressure that the CRS would put on our internal resources. CRS is inherently more complex than FATCA and we knew that we would need to adopt a scalable technology-based automated solution if we were to achieve successful filings in multiple jurisdictions”.
For Sovos: Simon Quarendon, Keene Communications. E: email@example.com
Tel.: + 44 (0)207 839 2140 Mobile: + 44 (0)7850 618418
For ZEDRA: Guy Stephenson, Nacelle Limited. E: firstname.lastname@example.org
Tel.: + 44 (0)208 333 9125. Mobile: +44 (0)7980 241 558
Sovos Compliance is a global leader in tax, compliance and business-to-government reporting software, safeguarding businesses from the burden and risk of compliance in thousands of tax jurisdictions around the world. With a 35-year track record of accurate and complete regulatory analysis and a global suite of software solutions, Sovos helps finance, tax and HR professionals in 4,500 companies, including half of the Fortune 500, stay ahead of complex and fast-changing government regulations. The company’s compliance platform integrates with a wide variety of business applications, providing the control and visibility required to manage global tax compliance activities.
Based in Boston, Sovos has offices throughout North America, Latin America and Europe. For more information visit: www.sovos.com.
ZEDRA is an independent, global specialist in trust, corporate and fund services. The company was acquired from Barclays in January 2016 by an independent investor group, with an ambitious plan to grow the company, expanding and strengthening the services it offers to clients around the world. It currently has global offices in 11 jurisdictions, including Jersey, Guernsey, Luxembourg, the Isle of Man, the Cayman Islands, New Zealand, Hong Kong, Netherlands, Singapore, the UK and Switzerland.
ZEDRA’s 370 strong team of industry experts is dedicated to creating and delivering bespoke solutions for clients. The business is focused on the strong commitment of an experienced team, fostering an entrepreneurial approach to delivering exceptional client services.
ZEDRA has diverse client base including high-net-worth individuals and their families, international corporations, institutional investors and entrepreneurs. Under the ownership of a private independent investor group, ZEDRA have the flexibility, boldness and expertise to respond to complex needs whilst maintaining the highest standards of corporate governance in an ever-evolving regulatory environment.
For more information visit: http://www.zedra.com.