DAC2/CRS™ Reporting
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>> Legal & Audit Manager™: DAC2/CRS™ Reporting Module
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Legal & Audit Manager™ - LAM™ Application - DAC2/CRS Reporting Module [R02]
Directive on Administrative Cooperation - DAC is the European Union Council Directive 2014/107/EU of 9 December 2014 (DAC2) amending Directive 2011/16/EU of 15 February 2011 EU (DAC) regarding mandatory automatic exchange of information in the field of taxation.
More information:
>> 2011/16/EU
>> 2014/107/EU
DAC2 is a step towards the adoption of a FATCA-like automatic exchange of information mechanism throughout the European Union. Under the automatic information exchange system, the Member States collect data on income earned in their territory by non-resident individuals and automatically transmit the collected data to the authorities where the individuals reside.
The revised directive expands the scope of the automatic exchange of tax information to include interest, dividends, and other income as well as account balances and sales proceeds from financial assets. DAC2 reporting for Automatic Exchange Of Information - AEOI between EU Member States for taxation purposes is based on (actually is the same) the Common Reporting Standard - CRS developed by OECD and therefor it is referred as DAC2/CRS.
EU Member States will start exchanging information automatically under the revised directive for the first time by the end of September 2017 (simultaneously with the automatic data exchange under the OECD convention). EU Member States start the automatic exchange of information, if available, regarding the taxable periods from 01.01.2014 onwards.
Automatic Exchange of Information - AEOI
Automatic Exchange of Information - AEOI is the exchange of information between countries without having to request it. AEOI exists to reduce global tax evasion. DAC2 defines the Automatic Exchange Of Information - AEOI between EU Member States. Information for the Automatic Exchange Of Information - AEOI between non EU Member States and between EU Member States and non EU Member States as well as the relevant legislation and practitioner guides can be found at OECD Web Site.
>> OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters, Second Edition, March 27, 2017
Common Reporting Standard - CRS
Common Reporting Standard - CRS is the agreed global standard for Automatic Exchange Of Information - AEOI, approved by the Organization for Economic Co-operation and Development - OECD in February 2014. The majority of EU member states and a number of non-EU member states, except U.S.A., have adopted and signed up to CRS. CRS has been developed by OECD which has published the Standard for Automatic Exchange of Financial Account Information in Tax Matters that contains guidance on the implementation of CRS and the CRS XML Schema User Guide.
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CubeIQ's DAC2/CRS Reporting Application in Cooperation with PCS™
CubeIQ’s DAC2/CRS reporting application is available as add-on module on Prime Compliance Suite – PCS™ version 9.1.0 and will be available with newer PCS™ versions. However it will not be available with any version prior to 9.1.0.
DAC2/CRS 2017
CubeIQ's DAC2/CRS Reporting module is developed based primary on EU Member States National Competed Authorities XML Schema Implementation User Guides document which is the extraction of the following OECD Common Reporting `Standard (CRS) specification documents:
>> OECD Standard for Automatic Exchange of Financial Account Information in Tax Matters Second Edition, March, 2017.
>> OECD CRS Schema Information, Version 2.0, CRS XML Schema V.1.0, CRS User Guide, Version 2.0, CRS XML Schema v. 1.0
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CubeIQ's DAC2/CRS Reporting Application In Cooperation With Other Systems
CubeIQ's DAC2/CRS Reporting Application is an autonomous web based data management and reporting application capable to retrieve data from different sources such as Prime Compliance Suite - PCS™ database, customer flat data files and any other banking or financial software application database managing customer data, provided that the required data structure – table/fields are disclosure and read access is granted.
CubeIQ's DAC2/CRS reporting features:
- Autonomous web based software application with its own database schema.
- Multiple users support. Uses can reside in different departments within the financial institution.
- Connection to different sources such as Prime Compliance Suite - PCS™ database, flat files and any other software applications’ database provided that the required data structure – table/fields are disclosure and read access is granted for extraction of customers with specific citizenship status (AEOI Status).
- Powerful search facility on the participating jurisdictions citizens’ dataset. User can search using the majority of personal data field (First Name, Family Name, Address, ID Type and ID Number and other) and customer ID. Additional search fields can be added as long as they are included in the database.
- Capability to review the data of the extracted customers with specific citizenship status (AEOI Status).
- Users can choose to generate AEOI reports for all AEOI participating jurisdictions or for one AEOI participating jurisdiction or for a group of AEOI participating jurisdictions.
- Also users can choose to generate AEOI reports for all extracted customers or for one of the extracted customer or a group of the extracted customers from a specific participating jurisdiction.
- Modern and intuitive user interface which guides the users how to use the system with a “Wizard” based mechanism.
- “What if” Operation: Users can operate the system up to the point to finalize AEOI reports. If the users do not finalize – generate the reports all generated data are deleted.
- Audit: AEOI reports that a generated are stored in two ways: (a) the actual XML files are stored in a system’s directory tagged with the creation date and (b) the data of the reports in a system’s database table tagged also with the creation date. This is a very powerful audit trail feature.
- A number of other features that enhance security, auditability and ease of use.
For any question or comment please contact our support team at sw.support@cubeiq.gr
For product or services inquiries please email to: sales@cubeiq.gr or fill our information request form.
