ZEDRA the independent global fund specialist in trust, corporate and fund services, says it has placed an order with tax compliance software specialist Sovos for its AEOI Reporting solution.
ZEDRA chose Sovos following a competitive tender process involving three candidate suppliers. 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.
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 which must now file information in multiple tax jurisdictions.