Tax Regulatory Services

Guarantee compliance & comfort for your organisation

Contact our experts
Tax colleagues looking at a screen

Stay ahead in an ever-evolving tax regulatory landscape. Partner with our Tax Regulatory Services team to turn compliance challenges into strategic opportunities for your organisation. 

The landscape of tax regulatory frameworks has fundamentally shifted over the past decade, mostly due to a collective global commitment to enhance tax transparency, avoid tax evasion and double taxation. QI, FATCA, and CRS/CARF and the upcoming FASTER initiative are business requirements that can make or break your organisation’s performance and reputation. 

The compliance challenge

For financial service providers (e.g., banks, brokers, asset managers, investment funds, and insurance companies), as well as non‑financial entities (e.g., private-wealth vehicles, foundations, operating companies and holding companies) and individuals, navigating this complex regulatory environment can be challenging. 

To effectively meet compliance standards and avoid penalties, financial service providers need to keep up with the demands for enhanced data management and integrate the right technologies.  Non-financial entities and individuals must maintain a comprehensive understanding of their tax status to mitigate the risk of punitive withholding taxes on transactions and to benefit from reduced withholding tax rates on their investments. 

Streamlined & compliant tax regulation

Our Tax Regulatory Services team brings extensive international expertise, empowering your organisation to effectively manage these complexities. We specialise in guiding you through the nuances of tax regulation, reducing risk, and ensuring full compliance with the continually evolving global tax environment.  

By leveraging our insights, your organisation can transform tax compliance from a back-office function into a strategic asset, advising the C-suite on broader business strategies and sustainability initiatives. 

OUR KEY AREAS OF EXPERTISE: 

  • U.S. Qualified Intermediary (“QI”) regime 
  • Foreign Account Tax Compliance Act (“FATCA”) 
  • OECD Common Reporting Standard (“CRS”) 
  • Faster and Safer Tax Relief of Excess Withholding Taxes (“FASTER”)  
  • Crypto-Asset Reporting Framework (“CARF”)

How BDO can help

Unlock clarity with our expert guidance on the challenging topics such as QI, FASTER, FATCA, CRS and CARF. Our services encompass everything from implementation strategies and workshops to training sessions, procedural support, QI Responsible Officer support and assistance in your communications with U.S. and local tax authorities. 

To facilitate the preparation and submission of your QI reporting, we offer access to our advanced IT tool, eFire. This user-friendly platform enables you to efficiently manage your reporting needs from anywhere, regardless of your country of residence. With eFire, you can streamline your reporting process and enhance accuracy through automated features. 

We help to identify your risks through general assessments, internal controls reviews, health checks/mock audits. Additionally, we help you develop an effective strategy for managing these and other tax-related risks. Engage us to act as an external QI periodic reviewer.  

BDO’s experts can assist you to save costs, tap into specialised experience, and boost your efficiency and quality.

Our Tax Regulatory services

  • Impact assessment.
  • Implementing a compliance program and drafting and reviewing policies, procedures, and manuals.
  • Training sessions / workshops  (both general and customised).
  • Hotline and on-demand support to technical inquiries.
  • Assistance with applying for QI and QDD status / FATCA registration.
  • Merger & acquisition advice.
  • IRS Form W-8BEN(-E)/W-8IMY/Withholding Statement/W-9, …: treaty claim assistance (including the determination which Limitation on Benefits test is satisfied), FATCA/CRS entity status determination, review/validation of the form, guidelines on how to complete the forms, regulatory monitoring and yearly updates.
  • Correspondence with the U.S. IRS / local tax authorities.  
  • New financial product analysis.
  • Assistance to the QI Responsible Officer in preparing the QI Certification (including the QI Periodic Review Waiver request).
Our QI annual reporting services include: 
  • Assistance with the reconciliation exercise.
  • Assistance with the preparation and/or quality review of the QI reporting (e.g. Form 1042, Form 1042-S, 1099 series).
  • Access to an IT tool (eFire) for the preparation and submission of the QI reporting, which can be used regardless of your country of residence.
Our FATCA / CRS reporting services include: 
  • Assistance with the preparation and/or quality review of the FATCA/CRS reporting.
  • FATCA/CRS corrective return process.
  • Performing the QI Periodic Review as an external review (including fact finding).
  • Conducting various types of Compliance Program reviews, such as general assessments, internal control reviews, health checks/mock audits and validation of prior analysis and assessments.
  • Assisting in designing, implementing, and testing a  remediation plan.
  • Placement of qualified BDO personnel at your location to review account holder/investor documentation  as part of the first line of defense. 
  • Conducting internal controls for the second line of defence (monitoring the compliance of the first line of defence and assisting in risk identification).
  • Support the Qualified Derivative Dealer (QDD) regime for dividend equivalent payments (IRS Section 871(m)), and the Publicly Traded Partnerships (PTPs) regulations (IRS Sections 1446(a) and (f)).
  • Support in determining the U.S. federal tax classification of entities.
  • Assistance with changing the initial U.S. federal tax classification via the Check the Box Election procedure.
  • Assistance for businesses seeking to obtain an Employer Identification Number (EIN) through Form SS-4.

Publications

Discover our Tax Regulatory Services insights
Filter by:

Get in touch with our Tax Regulatory Services experts

No matter the challenge or curiosity, we're here to support your business journey. 
Send us your questions, and our experts will provide the answers you need.