CSC GATE offers financial institutions a cost-effective way to meet U.S. FATCA regulations and rapidly adapt to future tax requirements.
Financial institutions need the flexibility to adapt quickly to new tax regulations such as the U.S. Foreign Account Tax Compliance Act (FATCA) in a way that minimizes disruptions and costs. Adopting a comprehensive, long-term strategy by using CSC GATE (Global Administration of Tax Enquiries) software and consulting services can give you a strong competitive advantage.
FATCA requires financial institutions around the world to disclose tax-relevant information about their U.S. account holders, and those with U.S. income, to ensure those who are liable for taxes in the United States are paying what they owe. Many other governments see the opportunity for additional tax revenue and will likely follow suit for their own nationals, wherever they may reside or wherever they may keep their money and investments.
Maintaining compliance with myriad regulations in multiple jurisdictions can be overwhelmingly difficult. Rather than taking a one-off approach, financial institutions should use flexible technologies that allow for a more holistic strategy.
CSC GATE’s scalable enterprise tax compliance framework provides a cost-effective way to meet FATCA regulations and rapidly adapt to future tax requirements. Compatible with major financial reporting platforms, the CSC GATE rule- and process-driven software bridges silos within your legacy estate to categorize affected customer accounts, both existing and new, and calculate the appropriate potential tax withholding. It also generates reporting for governmental, internal and customer stakeholders and is pre-populated with the rules for FATCA compliance. Additional countries’ reciprocal tax information exchange agreements can be added as required.
CSC GATE is offered in combination with a consulting engagement to determine the best rollout plan and target operating model.