New York & London (PRWEB) July 12, 2012
GlobeTax, the world’s largest provider of withholding tax research, relief, recovery and information reporting today announced a joint venture with UK based B.I.S.S. Research to provide the new FATCA Accreditation to the financial services industry.
Under the agreement GlobeTax will provide subject matter and operational expertise to develop and maintain the benchmark standard for FATCA Compliance, which is marketed and administered by B.I.S.S.
The Accreditation will show that a firm is capable of being FATCA compliant based on the answers to a series of benchmark questions about structure, network, resource, policy, standards, systems and procedures. The Accreditation includes a report showing one’s areas of strength and weakness in FATCA. For those firms not initially meeting the standard, further work within the Accreditation process will help get them across the line.
GlobeTax has some of the world’s best known subject matter experts (SMEs) on FATCA and is developing its FATCA Compliance web portal for launch later this year. Ross McGill, Managing Director, who heads up GlobeTax’s non-US operations, and is one of the leading SMEs on FATCA said, ”This is a very important initiative for the industry. Unlike the QI regulations (Internal Revenue Code Chapter 3), FATCA (IRC Chapter 4) does not have a system of control and oversight through audits by independent bodies, using instead a system of self certifications of compliance. We believe that in a world where financial institutions are under increasing moral, political and regulatory pressure to demonstrate adequate systems of control and oversight, the FATCA Accreditation will be seen as a valuable independent benchmark for financial institutions all over the world.”
McGill continued, ”I expect the FATCA Accreditation to evolve rapidly into a global standard. Seven countries – Japan, Switzerland, UK, France, Germany, Spain and Italy have already indicated intent to have reciprocal tax information sharing agreements (Inter-Governmental Agreements) with the US. Additionally, the EU and OECD already have similar initiatives in concept stage.”
”We expect three tiers of accreditation,” said Jayne Alfano, Head of Consulting Services at GlobeTax. ”Tier 1 includes the traditional large global financial firms, particularly those within expanded affiliate groups. Tier 2 contains the small and medium sized traditional financial intermediaries including regional or country level banks and brokers. Tier 3 Accreditation is for all those firms, such as hedge funds, trusts and other collective investment vehicles, who will fall into the new FATCA definition of a foreign financial intermediary for the first time on January 1st 2013.” Each tier has different accreditation requirements created by the regulations. The Accreditation itself will be valid on the date issued, but will be updateable as new regulation evolves in this area through IRS Notices, Announcements and Guidance.
FATCA Accreditations will begin from September 1st this year. Anyone interested in gaining a FATCA Accreditation should contact B.I.S.S. Research.
GlobeTax is the world’s premier provider of research, relief, tax recovery and information reporting services for financial institutions and their cross border investor clients. The firm is based in New York, with offices in London, Hong Kong, Madrid, Milan, and Sydney.
For more Information please visit: http://www.GlobeTax.com
Ross McGill (London) +44 (0)7515 356050 Ross_McGill(at)GlobeTax(dot)com
Len Lipton (New York) +1-212-747-9100 Len_Lipton(at)GlobeTax(dot)com
About B.I.S.S. Research
B.I.S.S. Research is an independent research company providing training, advisory services, business benchmarking, Accreditation and analysis of technology and services of suppliers in the Global financial services industry. B.I.S.S. Research analysts are all from a business to IT background with a long track record of procurement in the financial services market place, which enables them to produce unique and valuable assessments of technology and services and their value to the supplier and the market place.
For more Information please visit: http://www.bissresearch.com
Contact: Cathy Wright
Tel: + 44 (0)207 549 3564