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Taxparency: All FATCA and CRS requirements in one place

The exchange of account and financial information across borders with the objective of tax transparency is the new reality. Exchange of information is governed by several overlapping tax transparency regimes. The Common Reporting Standard (CRS) builds on the Foreign Account Tax Compliance Act (FATCA) and exponentially increases the complexity given its multilateral nature. FATCA and the Qualified Intermediary (QI) regimes continue in parallel requiring alignment. In combination with multiple jurisdictions, it is difficult to keep an overview of all relevant documents and perform cross-jurisdiction or cross-regime analysis.

There is no central location or “golden source” for the key documents with publications from local tax authorities, regulators, other governmental bodies as well as industry groups and global financial institutions must constantly monitor numerous resources. These institutions must manage regulatory change, risks, run the business, and operate in a profitable way. While working with clients on advisory projects to implement FATCA and preparing for CRS, it became clear that clients needed a central repository of information related to the tax transparency regimes.

We collaborated with a global Swiss bank to develop Taxparency. Our team worked jointly with Deloitte Consulting to develop an innovative solution to the business challenge. Tax advice is usually rendered in the form of extensive memos and opinions. As we were working with a topic where an average of three documents were published each working day, we knew that traditional methods would not suffice.

The Consulting team developed a crawling technology, which crawls hundreds of internet sites daily, managed by our team of Tax experts using a fraction of the type needed with traditional methods. The client accesses the central repository via a user-friendly platform with easy search functionality, history of superseded documents, and receives alerts for updates on specific jurisdictions and regimes.

Taxparency significantly increased the efficiency in our client’s FATCA and CRS projects and reduced the risk of relying on outdated or superseded guidance. Taxparency automatically informs clients when any new guidance meeting their specified criteria is published, and clients are able to be more targeted with their research and implementation procedures. Colleagues are able to exchange documents, sources and requirements easily and project teams are able to more efficiently obtain targeted information such as reporting deadlines as well as receive notifications upon changes.

The challenge

We live in a world that is becoming increasingly international in its outlook, with many businesses now seizing the opportunity of globalisation.

But with so much change taking place to international tax regulations (such as BEPS, US Tax Reform, EU Anti Tax Avoidance and Swiss Tax Reform) businesses today face a real challenge if they are to stay ahead of change and remain both competitive and compliant.

Not only are companies having to review and reorganise their tax structures in relation to Financing, Intellectual Property Ownership and Supply Chain Management, they are also facing pressures around transparency and a drive to reshape their approach to tax and reputational risk management.

To achieve all of this businesses must also look to technology solutions to not only improve cost efficiences but also to enable more effective management of tax data across the world.

With the Global Tax Reset in motion, now is the time to act. The tax function must become more effective, agile and connected to the business to be able to respond to challenge and uncertainty.

Our approach

Inform

We inform organisations about the impact of the new regulatory environment on the business.

Assess

We assess the risks, such as increased tax costs, sustainability of the business model and tax structures, loss of competitiveness and the resulting changes that need to be implemented.

Implement

We plan and implement changes to manage risks and to comply to the new requirements of transparency, alignment of profits to value, and the elimination of tax mismatches.

Enhance

We apply customised innovative solutions to enhance tax comprehension and improve efficiency in tax compliance and reporting.





Benefits

Compliance whilst still remaining competitive in the market


Proactive approach to the changing tax and business environment


Cost and operational efficiencies delivered through innovative technology solutions


Better alignment of the tax function with the business operations


The changing world of tax. Leading our clients through unprecedented change

Why Deloitte?

  • Tax Firm of the Year 2018

    For the sixth year in a row, the renowned International Tax Review named us Switzerland's "Tax Firm of the Year” in 2018, clearly demonstrating our reputation as a long term trusted advisor.

  • Comprehensive range of services

    We offer a broad range of fully integrated tax and legal services.

  • Strong local and global footprint

    We bring experience from serving most of the companies resident in Switzerland across all major industries – from small and medium-sized companies to large multinational companies as well as public enterprises.

  • Expert in strategic transformation

    To help our clients transform their businesses, we deliver unique tax labs that combine strategy, analytics, technology, and technical expertise for real value-add results.

Case study

Taxparency: All FATCA and CRS requirements in one place

How we’re helping one of the world’s largest global banks find their way through the tax compliance maze

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The team

Raoul Stocker

Raoul Stocker

Lead Partner, Global Tax Reset

Email Raoul icon-chevron-arrow

+41 58 279 62 71

Daniel Stutzmann

Daniel Stutzmann

Partner, Global Tax Reset

Email Daniel icon-chevron-arrow

+41 58 279 63 07

Peter Brülisauer

Peter Brülisauer

Partner, Global Tax Reset

Email Peter icon-chevron-arrow

+41 58 279 72 90

Brandi Caruso

Brandi Caruso

Partner, Global Tax Reset

Email Brandi icon-chevron-arrow

+41 58 279 63 97

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