The tax reporting solution FiTAX DAC6/MDR from BearingPoint RegTech, a leading international provider of innovative supervisory, regulatory and risk technology solutions (SupTech, RegTech and RiskTech), will be deployed at Union Investment Group.
Recently, BearingPoint RegTech could also win East-West United Bank in Luxembourg as a new client for the tax reporting platform. Both institutions will in the future use the DAC6/MDR module to meet the regulatory reporting requirements for cross-border tax arrangements. Union Investment Group intends to submit the reports at least partially fully automated. Reports for entities in Germany, Austria, and Luxembourg will be prepared by using BearingPoint RegTech's DAC6/MDR module.
"We were looking for a reliable partner who can also deliver a powerful software, and who could reliably convey the ability to implement the new DAC6 logic in time," says Alexander Volland, project manager at Union IT-Service GmbH.
With the DAC6/MDR module of the established tax reporting solution FiTAX, BearingPoint RegTech has been able to react quickly to the new requirements in the reporting system and has developed an innovative tool for the regulation DAC6 / Mandatory Disclosure Rules. In most of the European countries, starting with the third quarter of 2020, cross-border tax arrangements must be reported within 30 days. The DAC6/MDR module automates the process of complying with the new rules and enables a clear tracking of all reportable and non-reportable tax arrangements.
"BearingPoint RegTech has more than 20 years of experience in the automation of tax reports and we have been able to expand our market position worldwide in recent years. The increasing complexity in reporting requires efficient and standardized solutions. Through regulatory maintenance, our software modules are constantly updated to enable our clients to meet the ever-changing requirements imposed by the tax authorities" says Ronald Frey, Member of the BearingPoint RegTech Management Board. "We are looking forward to a long-term cooperation with Union Investment."
FiTAX is an established, modular, ready-to-use tax reporting solution that meets the reporting requirements of QI, QDD / 871(m), FATCA, CRS/AEOI and DAC6/MDR reporting. FiTAX is used by more than 3,200 institutions and covers reporting for more than 130 countries from data collection to direct upload of encrypted reporting files to the portals of the tax authorities.