Enacted by Congress in 2010, the Foreign Account Tax Compliance Act (FATCA) was established to combat the offshore U.S. tax evasion. FATCA came into effect in Singapore pursuant to the Intergovernmental Agreement (IGA) entered into between Singapore and the US on 5 May 2014. Starting with the reporting year 2014, Singapore financial institutions are subject to annual reporting obligations.
Common Reporting Standard (CRS) was developed by the Organization for Economic Cooperation and Development (OECD) in 2010. Similar to FATCA, CRS’s objective is to combat offshore tax evasion on a global level. CRS came into effect in Singapore via tax legislation on 1 January 2017. Starting with the reporting year 2017, Singapore financial institutions are subject to annual financial reporting obligations.
All Financial Institutions (FIs) that have signed a Foreign Account Tax Compliance Act (FATCA) agreement with the U.S. Internal Revenue Service (IRS) will have to transfer relevant business data to IRS’ International Data Exchange Service (IDES) periodically. On the other hand, CRS requirement will be more complex and it cover more countries. FI will need to submit the relevant business data to Inland Revenue Authority of Singapore (IRAS).
As the demand of the reporting in FATCA and CRS grow, using the existing CRS & FATCA compliance strategies may not be enough to keep up. It might be costly and time consuming to design and implement compliance policies system from scratch. As such, FI will need to use available tools in the market to compile data from multiple sources, monitor and send them to the respective authorities in a timely manner.
Activants FATCA IDES Reporting Software is a complete, one stop solution to help financial institutions create encrypted data package that can be uploaded to IRS’ International Data Exchange Service (IDES) to fulfil their FATCA reporting obligations. Our solution also decrypts the encrypted notification from IRS to reveal the result of the data package transmission.
Activants FATCA IDES Reporting Tool is simple to use and comes with cryptographic features that meet the U.S. Internal Revenue Service’s requirements. Other features include certificate and key configuration, creation and preview of financial data, generation of validated XML data file, and creation of metadata for file delivery.
Such features will benefit the compliant team from spending too much time on formatting and filing data manually.
IRS Approved Certificate Authority
Use Enrollment Tool and Create User Profile
Validate Authorization
Receive Email Instructions Or SFTP Link To IDES
Compress and Encrypt FATCA Data
Receive Confirmation
Easy setup and installation
Generate XML compliant reports to cater for all FATCA and CRS report types
Using strong encryption for data privacy
In built validation rule for field checking
Software assurance for new versions and fix patch
Activants CRS solutions are tailored to the needs of venture capital, private equity and other funds, and trustees. The modular and modern design, along with the flexible structure for easy adaptation to different Automatic Exchange of Information (AEIO) regimes, offer you the perfect platform to implement current and future reporting standards.
We offer you efficient automatic data validation and processing – including reporting – all together in a single solution. We provide for the various reporting requirements and supplement these with professional and technical standards for multi-client capability, audit compliance, and process monitoring.
- Client Data
- Financial Data
- Validation Rule Engine
- AEIO
- CRS
- XML Generation for Authorities
- Client reporting Information
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Tel. (65) 6684 7044
Fax. (65) 6684 7042
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