Financial Institutions Struggle with First UK CRS Transmittal

Sovos
August 8, 2017

This blog was last updated on March 11, 2019

The first round of UK CRS filings didn’t go quite as well as some tax professionals at financial institutions thought it would.

Just before the filing deadline, a survey of FIs revealed an air of confidence about the first transmittal, despite the fact that the first FATCA filing in the US was challenging. But participants at a recent Sovos roundtable event in London indicated that their first experience with CRS was not easy after all.

Manual Reporting Processes Prove Insufficient

“This meant pulling people off other projects, which then had a knock-on effect,” one participant said, for example. “My colleagues are adamant this can’t happen again.”

And failure is not an option: “If you get this wrong, it’s going to hit the bottom line,” another participant said. “Big time.”

The problems FIs encountered ranged from inefficiencies in manual reporting processes to trouble understanding requirements from different jurisdictions. The consensus was that participants will have to rethink their reporting processes before diving into next year’s transmittal, with a focus on centralizing and automating processes.

As one participant said of stretching 2017 filing processes into 2018, “You can’t get to there from here.”

Take Action

Read the roundtable whitepaper for more on what FIs encountered in their first CRS filings and how they can prepare themselves for future transmittals.

Watch video interviews from the event to hear more from the participants.  

Learn more about the Sovos AEOI solution.

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Author

Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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