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Online CRS Reporting Service Status : Operating Normally

Online FATCA Reporting Service Status : Operating Normally

Flyingboat News

New FATCA & CRS Tax reporting software clients

Jul 14, 2020

Fusion Systems is pleased to announce that we have signed agreements with new customers to supply Flyingboat Tax Data Exchange to financial institutions based in Singapore and Bermuda.  Both organisations operate within the funds sector and will utilise the software to complete FATCA and CRS Reporting in the current reporting season. 

COVID-19 has caused many Tax Authorities around the world to extend reporting deadlines giving financial institutions more time to prepare their reporting data than would be ususal.  Flyingboat Tax Data Exchange adapts to jurisdiction specific reporting requirements enabling the software to be adopted either as a local solution for standalone finincial institutions in particular territories or to be used for the diverse reporting requirements that are commonly found in larger financial institutions that are present in multiple jurisdictions.

Alan Rowe, Managing Director of Fusion Systems comments "We dont expect to sign new customers for our reporting software at this time of the year as it would normally be too close to reporting deadlines.  However because of COVID-19 and extensions to filing deadlines, implementaing the software this year has been possible for these customers.  Usually at this time of year we are busy providing our Bureau Reporting Service but that business has been more spread out because of the COVID-19 impact."