Modern Taxation – An Early Adoption of CRS Stride Reporting Solution
CRS Stride empowered our banking client in unlocking the value and manage the regulatory compliance with ease by consolidating, validating, and enriching the data by improving data integrity and reporting accuracy.
Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA) have impacted the financial service industry and to ensure effective compliance and risk management, Small & Medium Enterprise (SME) banks are investing in finding ways to simplify the complex process of complying with global reporting standard.
SME banks face a unique challenge as global tax authorities have recognised the succour of acquiring reports on financial accounts held abroad by their tax residents as a measure to counter tax evasion.
Compliance burden has been more challenging in recent years since legislation sway Regulators to improve transparency and protect investors and tax revenues. Shifting financial and economic conditions alongside increasing regulatory scrutiny continue to create a challenging ecosystem for SME banks.
In this business case, we will discuss how our banking clients benefitted by addressing the CRS compliance burden through an automated reporting hub providing end-to-end control over the preparation and management of CRS filing with greater business insights.