Virtual Executive Roundtable
THE ROAD TO GLOBAL TAX TRANSPARENCY
Addressing how financial institutions can adapt to tax transparency and turn the reporting obligations into a competitive advantage
Tuesday, 28 September 2021
12.00 pm - 1.30 pm Central European Time
About This Virtual Executive Roundtable
The road to global tax transparency has been long, and at the forefront of international tax discussions for the while, but it has finally become a global reality.
With the introduction of the Common Reporting Standard (CRS) in 2017, tax transparency is now impacting FIs in a much broader and global scope than it has in the past under the US Qualified Intermediary (QI) reporting rules introduced in 2002, and the Foreign Account Tax Compliance Act (FATCA) that came into effect in 2014. The pressure for the implementation of a centralized report unit and process is further exacerbated by the reporting due under the OECD's Model Mandatory Disclosure Rules (MMDR) and the EU's application of it under its DAC6 scheme. The next big topic might be the introduction of TRACE (Tax Relief and Compliance Enhancement). This new OECD initiative, which is inspired by the U.S. Qualified Intermediary regime, has already been brought into force in Finland, and the European Union now also considers the implementation of TRACE on a European level.
Tax transparency has also become a reality for investors. As international tax regulations become more stringent, taxpayers face challenges in reporting their onshore and offshore assets to tax authorities, with some using the voluntary disclosure facilities offered by some governments. As a result, financial institutions are finding that their clients are increasingly requesting the institutions to provide tax reports consisting of tax information such as income, capital gains or wealth, in order to assist in filing tax returns according to the respective tax law. And the demand for client tax reporting services is growing.
With all this data exchange and client requirements, FIs are having to adapt quickly to meet the demands of their clients and the authorities. The ultimate question is whether FIs will keep their reporting in-house or outsource it to a specialised service provider.
📌 How can FIs use the increased tax transparency and transform reporting obligations into an opportunity for their business
📌 Impact of tax transparency on operations and IT
📌 Dealing with various country-specific tax rules
📌 How financial institutions can leverage technology to meet regulatory requirements
📌How emerging technologies may be helping with finding the right balance between privacy rules and transparency
📌 The future of Global Tax Transparency
12:00 PM CET
Welcome & Introductions
Connect Global Group
12:05 PM CET
Let's set the Scene - Opening Presentation
12:15 PM CET
Global Tax Transparency Open Discussion
Live discussion and interaction between participants and panelists.
1:25 PM CET
Tax Technology Lead
Roundtable Moderation By
Panel Attendees include Regional Heads from
Regnology is a leading international provider of innovative regulatory, risk, and supervisory technology solutions (RegTech, RiskTech, and SupTech), of AEOI and tax reporting products, as well as of services along the Regulatory Value Chain for financial services. Regnology has been a partner for banks and regulators for 25 years. Until the end of 2020, the company was part of BearingPoint group and operated under the name BearingPoint RegTech. Since the sale of the RegTech business to private equity firm Nordic Capital, the company has been independent. In June 2021, the company joined forces with Vizor Software and recently changed its name to Regnology. In total, Regnology serves more than 7,000 financial services firms with reporting solutions. At the same time, the company enables more than 50 regulators and tax authorities on five continents to collect data from 34,000 firms in 60 countries. Regnology has a total workforce of over 770 employees at 17 office locations in 12 countries.