FATCA and OECD CRS
FATCA and OECD CRS are intended to prevent tax frauds by USA or other foreign taxpayers.
Support for FATCA and CRS in Hibis system is composed of 2 compounds for each:
- Verification process on client's level
- Clients assets reporting to tax administration
Verification process is performed within »Business partners« core module. With the process, bank identifies those clients that have any FATCA/CRS indication. Afterwards it identifies those, that are actual USA or other foreign taxpayers.
Reporting is performed within »Regulatory reporting« core module and gathers assets on accounts, owned by USA / other foreign taxpayers at bank.
Report formation basis:
- Partners data
- Partner's bank products data
- Calculated balances on partner's account level
- Earnings on partner's account level (interests, dividends)
- Translatable code registers
Data sending on Tax administration demand
Solution includes two functionalities:
- Sending data from bank's records, based on article 39 ZDavP-2 act
Data preparation is activated after receiving electronic inquiry from Tax administration and Hibis import. Inquiry consist of conditions based on which data should be prepared, for example: for single taxpayer / for all taxpayers; inflow/outflow/all transactions; for legal persons/for natural persons/for non-residents/all, time (date) interval from – to, for single country/for all countries.
- Natural person accounts inflow reporting, based on article 37 ZDavP-2 act
Data sets formation basis:
- Partners data
- Transaction accounts data
- Calculated balances on partner's account level
- Transaction accounts inflow and outflow
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