Frankfurt, September 7, 2020 - BearingPoint RegTech, a leading international provider of innovative supervisory, regulatory and risk technology solutions (SupTech, RegTech and RiskTech), wins BDO in Germany as a new client for their FiTAX DAC6/MDR module. BDO AG Wirtschaftsprüfungsgesellschaft will use the DAC6/MDR module to fulfil its regulatory reporting obligations for cross-border tax arrangements and also to create its clients' reports. FiTAX is the market leading software for tax reporting in Switzerland, Luxembourg and France and is used by more than 3,200 institutions. BearingPoint RegTech has recently acquired two new clients for the innovative tax reporting module: Union Investment Group and East-West United Bank in Luxembourg.
As a consultancy, we had to react quickly to the new DAC6 regulation. After a market evaluation, we chose a partner who could deliver a suitable software solution that can support in meeting our DAC6 tax reporting requirements. We were looking for partner that has a sufficient experience in tax authority reporting and has the appropriate technical know-how. BearingPoint RegTech was able to convince us fully in both areas.
Dr. Dirk Elbert, Head of International Tax, BDO
With the development of the DAC6/MDR module for its established tax reporting software FiTAX, BearingPoint RegTech has reacted to new reporting requirements for cross-border tax arrangements imposed by the OECD and the EU. Due to the increasingly complex regulatory landscape, the fast and automated compliance with reporting obligations is becoming increasingly important.
We are very pleased that BDO Germany, as a leading auditing and tax consultancy firm, will use our FiTAX solution. This shows that even large consulting firms rely on an established software provider for tax reporting to meet the new DAC6 reporting obligations. Audit firms are predestined for our software, as it significantly facilitates the management of many cases.
Ronald Frey, member of the BearingPoint RegTech Management Board
FiTAX is an established, modular, ready-to-use tax reporting solution that meets the reporting requirements of QI, QDD / 871(m), FATCA, CRS/AEOI and DAC6/MDR reporting. FiTAX covers reporting for more than 130 countries from data collection to direct upload of encrypted reporting files to the portals of the tax authorities.
With over 1,900 employees and 27 offices, BDO is one of the leading companies in Germany for auditing and audit-related services, tax and business law consulting as well as advisory services. BDO in Germany is a founding member of the international BDO network (1963), which has more than 88,000 employees in 167 countries and in fiscal year 2019 generated sales of 9,6 billion US dollars.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: The first unit covers the advisory business with a clear focus on five key areas to drive growth across all regions. The second unit provides IP-driven managed services beyond SaaS and offers business critical services to its clients supporting their business success. The third unit provides the software for successful digital transformation and regulatory requirements. It is also designed to explore innovative business models with clients and partners by driving the financing and development of start-ups and leveraging ecosystems. BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
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BearingPoint RegTech, a business unit of management and technology consultancy BearingPoint, is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services along the Regulatory Value Chain for financial services. Customers representing 6,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint RegTech’s products and services. BearingPoint RegTech works closely with regulators and, as a member of standardization bodies such as XBRL, actively contributes to the standard-setting process. BearingPoint RegTech combines regulatory know-how with proven, reliable and forward-looking RegTech solution suite, expert consulting capabilities, managed services and training seminars.
For more information, please visit: www.reg.tech
Head of RegTech Marketing & Communications
Phone: +49 69 13022 3666
Tel. +49 89 540338029