Deloitte Tax Transparency Products and Services

How can Deloitte help?

QI has become business as usual, but much of the technical details have evolved over time and there are periodic certification and ongoing reporting and withholding obligations.

FATCA rules were published in 2010 and went live in 2014. However, interpretation of the rules, evolution of the regulations, local enforcement, annual reporting and ongoing certification requirements continue to be a challenge for financial institutions.

Certain obligations under 871(m) are already live with additional requirements being phased-in, and thus financial institutions must continue to prepare for implementation.   

AEOI/CRS became effective in Switzerland in 2017, but many jurisdictions have different effective dates. Financial institutions with various booking centres may have a difficult time keeping up with the varying dates and local rules for implementing AEOI/CRS. Further, the requests following the exchange of information between jurisdictions are expected to result in additional effort.  

We understand that additional clarifications are needed in order to implement the DAC6 rules; however, there are certain steps that businesses should be planning for now.

Taxparency

A unique software based solution targeted at global financial institutions to enable the responsible officer, project leads, and subject matter experts to more efficiently facilitate their compliance with relevant Tax Transparency regimes and stay up to date on the most recent regulatory changes.

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Responsible Officer certifications under QI and FATCA

The objective of Deloitte’s framework QI and FATCA compliance program is to provide reporting Swiss FIs with a structured and accessible outline of the duties and responsibilities of the FI and the RO, as well as a template control framework, in order to efficiently guide institutions on QI and FATCA compliance.

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QI, FATCA and AEOI/CRS online courses

Interested in learning about QI, FATCA and AEOI/CRS compliance? Deloitte in Switzerland and VisionCompliance have partnered to provide three online courses tailored to the banks’ needs.

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Deloitte offers various services to accompany our clients on the full lifecycle of tax regulatory change projects.

While Deloitte offers the standard presentations, workshops, and technical advisory on the Tax Transparency regimes, we also provide tailored services, products, and presentations in order to fulfill all of our clients’ needs. Deloitte can assist from the implementation phase to business as usual, including external reviews and assisting with remediation efforts.

There are certain steps that businesses should begin planning for now and Deloitte can help.

• Training: Raising awareness within the business is often an initial step and we can support with eLearning modules as well as bespoke training programmes.
• Impact assessment: Identifying accounts, transactions or structures potentially affected by the regimes, considering where reporting responsibility will reside and ensuring that the reportable information is properly recorded.
• Monitoring: Deloitte has developed solutions to monitor regulatory changes and to make the relevant source information accessible to affected financial institutions, intermediaries and taxpayers.
• Technology: Implementing solutions for capturing arrangements in a structured format, ensuring that this data aligns with the anticipated reporting requirements, and planning for a reporting solution that can flex for local filing formats.

• Governance and controls: Integrating the requirements with existing governance and control frameworks, as well as considering the impact for existing regulatory processes.
• Review and remediation: Review of internal processes, procedures, and documentation is good practice, and in some cases required. Remediation may be an action following the review.