London, UK (PRWEB UK) 10 February 2014
Management and technology consultancy BearingPoint was selected by Société Générale Group, one of Europe’s largest financial services groups, to provide a solution to the new tax reporting requirements imposed by the Foreign Account Tax Compliance Act (FATCA). The agreement sees French bank Société Générale Group join 50 banks worldwide in using BearingPoint’s tax reporting solution, FiTAX, in order to comply with the US Internal Revenue Services’ (IRS) FATCA regulation.
The multi-national bank, serving 32 million customers worldwide, will benefit from BearingPoint’s extensive experience in dealing with tax reporting as well as its long standing collaboration in the US and Luxembourg with one of the world’s leading auditing companies. The comprehensive knowledge transfer BearingPoint offers will enable Société Générale Group to share the know-how with a further 16 countries globally where a local implementation of FiTAX is planned.
“We are very pleased with Société Générale’s decision to choose us as their partner for this forward looking regulation project. The FiTAX-FATCA solution will allow Société Générale to benefit from a cutting-edge technology to comply with FATCA reporting requirements,” said Ronald Frey, Partner at BearingPoint.
The FiTAX solution
FiTAX is BearingPoint’s standard software solution for banks and insurers to produce the tax reports required by IRS and European Union Tax authorities, including QI (Qualified Intermediary) reporting, EU-Savings Directive Reporting and FATCA reporting.
BearingPoint offers extensive experience in tax reporting services and a range of products focusing on tax regulatory law:
- FiTAX QI: IRS reporting for Qualified Intermediaries. Chapter 3.
- FiTAX Recon: data reconciliation with custodians.
- FiTAX EU: EUSD reporting to foreign tax authorities.
- FiTAX FATCA: IRS reporting for FFIs. Chapter 4.
FiTAX has been updated to include the advanced insight into not only the reporting requirements as negotiated in the IGA 1 (“Inter Governmental Agreement” – Model 1) between France and the US, but also the IGA 1 agreements of other countries with the US, the IGA 2 (e.g. Switzerland and Japan) as well as the Final Regulation reporting requirements applicable for all countries which do not conclude an IGA with the US.