PwC makes acquisition for high speed FATCA and CRS reports
PwC has acquired software company Ellis Financial Systems in a bid to more rapidly meet new tax information reporting required under such regimes as the Foreign Account Tax Compliance Act (FATCA).
It has been re-named PwC Tax Information Reporting, and will operate from London.
The acquisition represents one of many strategies being adopted by financial institutions around the world as they get to grips with automatic exchange of tax information.
Stephen Camm, tax partner at PwC, said: “This investment means we can help clients who are looking for accurate and reliable solutions to these significant new tax transparency requirements.”
He added that this should dramatically reduce the workload for financial institutions.
“Our software can process huge amounts of customer data in a secure way, for example it can generate up to 10,000 client tax reports per hour, tailored to the rules of different jurisdictions”, he said.
“It can generate up to 10,000 client tax reports per hour, tailored to the rules of different jurisdictions”
The software business has an established reputation for preparing multi-jurisdictional tax reporting for clients of financial institutions, PwC said.
More recently, it developed the capability to report information to tax authorities, as required under automatic exchange of information regimes FATCA and the OECD’s Common Reporting Standard (CRS).
In June, International Adviser reported a warning from another software provider, Linedata, that financial institutions around the world must “get their act together” for the introduction of the OECD’s Common Reporting Standard (CRS) in seven months.
