ZEDRA Signs Sovos to Automate Multi-Jurisdiction AEOI Tax Reporting
Contributed by ZEDRA
21 March, 2017
ZEDRA the independent global fund specialist in Trust, Corporate and Fund services can announce it has placed an order with Sovos – the tax compliance software experts – for its AEOI Reporting solution. Once implemented, the solution will help ZEDRA meet the demands of their tax, compliance and reporting obligations in line with its rapid rate of growth.
More than 100 tax jurisdictions have committed to the OECD's global standard on Automatic Exchange of Information (AEOI) with 54 early adopters undertaking their first exchanges this year. The remaining 47 jurisdictions will exchange in 2018. The OECD’s AEOI initiative lifts the burden associated with tax compliance with a solution that enables firms such as ZEDRA to fully navigate the global challenges of tax compliance. Recent regulations have created significant additional reporting responsibilities for financial institutions who must now file information in multiple tax jurisdictions.
As part of the deal, Sovos will also supply ZEDRA with its Taxport Compass Tool, a comprehensive tax compliance resource that will help ZEDRA keep abreast of ever changing compliance regulations.
ZEDRA chose Sovos following a competitive tender process involving three candidate suppliers.
Commenting on the win, Scott Freedman, Director, Product Strategy for Sovos AEOI said, "ZEDRA is the ideal client for us. They are expanding rapidly on the back of providing a superlative level of customer service. That means rigorously pursuing operational efficiencies throughout the organisation and mitigating the risk of incurring penalties when filing.
Their management team realised that their existing, manually-based tax reporting system would not cope with the additional demands that multi-jurisdiction reporting would create and as befits their reputation for speed, have moved quickly to put in place an automated process
We look forward to working alongside them as they move into other jurisdictions and are confident that our AEOI Solution will let them do this effortlessly".
Commenting on their decision to choose Sovos, Niels Nielsen, ZEDRA Chief Executive Officer, said, "we are constantly looking at ways to improve processes within our organisation with innovative technology solutions. Sovos provides a unique service to meet the demands of our rapidly growing business needs and reporting obligations.
ZEDRA knows and understands the need to embrace leading-edge technological advances in market reporting which is core to the advancement of its company.
After our first FATCA filing we saw the pressure that the CRS would put on our internal resources. CRS is inherently more complex than FATCA and we knew that we would need to adopt a scalable technology-based automated solution if we were to achieve successful filings in multiple jurisdictions".
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