Developed by Webtech Limited in conjunction with leading corporate service provider SMP Partners, the solution is uniquely designed by users for users.
The reporting tool allows banks, trust and corporate service providers (TCSPs) and other financial institutions (FIs) to be fully compliant with all reporting requirements while safeguarding clients' information. In addition, a consultancy service is also available, if required, to ensure the accuracy of information reported.
The Secure On-line Reporting System allows users to input the required information into an Excel spreadsheet which is then converted into the required XML format, ready for submission to the relevant local tax authority. Test files have been confirmed as being compliant and, therefore, FIs can be confident that their reporting submissions will meet the prescribed format.
The reporting system supports reporting for both US FATCA and also the Intergovernmental Agreement between the UK and the Crown Dependencies and Overseas Territories (CDOT).
Webtech CEO Chris Davies said: 'Being local providers and users, Webtech and SMP Partners understand the needs of the Isle of Man and the other CDOT's business communities. It is clear that demands for secure data transmission will increase significantly, so we decided to invest in ensuring our reporting software is able to meet the requirements of our clients.'
Mark Denton, Managing Director of SMP Partners, added: 'As reporting FIs ourselves, we know from personal experience that banks, TCSPs and other FIs are faced with significant costs, both monetary and time, to ensure they are fully compliant with the demands of various tax and regulatory authorities while safeguarding the interests of their clients.
'Claire Mulhern, who recently joined SMP Partners from her previous role in the Isle of Man Government Income Tax Division, is fully aware of the complexities of FATCA and the UK IGA and has worked closely with Webtech in ensuring the reporting system meets FIs' needs.
'This partnership provides a joined up consultancy and reporting solution for all FATCA and CRS needs.'
The Common Reporting Standard, which has an effective date of 1 January 2016 for the CDOT jurisdictions, will require FIs to report on individuals and entities resident in almost 100 countries from as early as 2017. The Secure On-line Reporting System will also provide the functionality for this reporting.