US FATCA - UK AEOI - CRS - SECTION 78 - CbCR
At Voodoo, we provide both file XML preparation services and multi-agreement reporting software.
Select your reporting obligation from the dropdown to find out how long you have until the submission deadline. Not all reporting deadlines are shown. VoodooAEOI software creates submission files for all participating jurisdictions.
One solution fits all...
Our multi-tax agreement reporting software easily converts your reportable account data into the format required by the jurisdiction you are reporting to. Whether you have reporting obligations under CRS, US FATCA, or a mix of both, VoodooAEOI will validate and handle your data accordingly. It even caters for Section 78 and Country-by-Country Reporting (CbCR).
We offer the options of an outsourced XML file preparation service or software installed on your premises. To discuss your reporting requirements or to obtain a quote, contact us on +44 (0) 1624 610122 or at firstname.lastname@example.org.
We'll help you transform your raw account data into a submission ready XML file in 3 steps
Load your entity data into our easy to use spreadsheet (provided upon request) and submit.
Our software checks your data for errors. If errors are found we will notify you so that the necessary amendments can be made.
After validation, your data is imported into an XML file, and securely returned to you for submission.
Submitting reports directly to the United States IRS IDES system? We provide digital signing and encryption.
The Foreign Account Tax Compliance Act (FATCA) became effective as of 1 July 2014. This legislation administered by the United States government encourages better tax compliance by preventing US persons from using non-US financial organisations and foreign entities to avoid US taxation on their income and assets. To date, over 100 countries have agreed to exchange tax information with the US government.
Financial institutions (FIs) with reporting obligations for US FATCA are required to submit information to be exchanged in an XML file in accordance with the prescribed format for exchange set by the United States Internal Revenue Service (the IRS).
We have a history of tried, tested, and successful UK FATCA submissions. To ensure that your files are in the correct format for the submission method that your are using, contact us for a consultation.
The UK has Automatic Exchange of Information agreements under the following regimes:
United States Foreign Account Tax Compliance Act (FATCA): The agreement between the UK and USA requires UK financial institutions to report to HMRC on US customers that hold accounts with them.
Crown Dependencies and Overseas Territories: The agreement between the UK and its Crown Dependencies and UK Overseas Territories to report on those who are tax residents in one territory and hold accounts in the other.
Common Reporting Standard: The standard for all automatic exchange of financial information.
Through the HMRC’s online system, financial institutions can make a single submission that meets all of their reporting obligations, be that for one or multiple regimes under the Automatic Exchange of Information (AEOI) agreements.
Our software will validate and convert your account data into an upload-ready file. It will also create nil returns where required.
The filing date for returns for each year ending 31 December is the following 31 May.
With the aim of fighting tax evasion and ensuring tax compliance around the world, the OECD Council approved the implementation of the Common Reporting Standard (CRS) in 2014. To date, around 100 countries have committed to the global model for automatic exchange of information. Over half of those jurisdictions will begin reporting in 2017.
Our multi-regional reporting software will generate the correct submission file for which ever jurisdiction(s) you are reporting in.
Section 78 reporting has been introduced for Isle of Man financial institutions that are required to report details of interest paid to Isle of Man residents.
Our VoodooAEOI software converts your .xls files into the preferred .xml submission-ready format within seconds.
The due date for reporting is 30 September each year in relation to any interest payments made during the preceding tax year.
Country-by-Country Reporting (‘CbCR’) is one of four minimum standards under the OECD Base Erosion and Profit Shifting (BEPS) project that aims to improve transparency between multinational businesses and tax authorities, and to help identify aggressive tax avoidance.
Under CbCR, multinational groups ("MNE group") with consolidated group revenue of EUR 750 million or more are required to report specified data on their international operations to their tax authority annually. That tax authority will in turn automatically exchange CbCR information to jurisdictions in which the MNE group operates and has an appropriate international agreement to exchange such information.
A multinational group having consolidated group revenue of less than EUR 750 million is known as an "excluded MNE group".
The latest updates from across the jurisdictions
Juan Ignacio de Molina and Christine Ramsay of Deloitte consider the increased reliance of tax authorities on CbCR data and how the data reported in the CbCR during the COVID-19 pandemic could impede its use.
A global corporate tax rate of at least 15% was agreed upon by 130 countries, the Organisation for Economic Co-operation and Development has announced.
Please do not hesitate to contact us with any queries you may have.
4-8 Hope Street, Douglas, Isle of Man
Phone: +44 (0) 1624 610122