Financial Institutions Struggle with First UK CRS Transmittal

August 8, 2017

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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Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates.
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