Singapore/Hong Kong, 22 November 2022 – Regnology was awarded Best Solution – Tax Reporting in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.
Regnology was recognised for FiTAX, an end-to-end modular solution that enables financial institutions to comply with their reporting obligations under various tax regimes including FATCA, CRS, QI/Recon, TRACE, DAC8/MDR, and domestic tax regimes. The solution covers specific guidance, rules and reporting formats in more than 140 countries, providing financial institutions an automated process for producing and submitting tax reports globally, from a single platform.
Using FiTAX, a single standardised data input maps across the specific requirements of each tax regime and jurisdiction. Thousands of data quality validation rules and data completeness and reasonableness checks minimise the risk of errors and rejections of tax reports, which though FiTAX can be encrypted and directly uploaded to tax authorities’ portals.
FiTAX also formats reporting based on jurisdiction specific XML schemas to avoid financial institutions having to make any further adjustments after report generation. The incoming Crypto-Asset Reporting Framework (CARF and DAC8) being introduced by the OECD will also be covered by FiTAX.
“Regnology’s extensive global coverage of tax regimes and its close engagement with tax authorities across multiple jurisdictions makes it a stand-out in this category,” said a Regulation Asia judge on the awards panel. “FiTAX provides financial institutions an operationally efficient workflow across all of their tax reporting obligations – a great solution for small institutions as well as those operating across multiple jurisdictions.”
Linda Middleditch, Chief Product Officer at Regnology said: “Thank you to the Regulation Asia judging panel for this award. We are committed to connecting regulators and the industry to bring financial stability and tax transparency. With the latest acquisition of PwC’s International Tax Information Reporting (TIR) software solutions, we further expanded our capabilities to serve our customers and meet their growing tax reporting needs.”
Fabrice Chatelain, Head of Tax Solutions at Regnology said: “We are honoured to be recognized by Regulation Asia as a leader in Tax Reporting. Our team is committed to constantly updating our solutions to ensure our customers comply with current and future regulatory obligations.”
More than 3,200 financial companies including tier-1 financial institutions use FiTAX as their main solution for tax reporting. Regnology also provides Client Tax Reporting solutions that help banks support their customers in submitting tax filings in 35 jurisdictions.
About the Regulation Asia Awards for Excellence 2022
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2022 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.