Blue Bison launches easy to use International Tax Reporting tool
Blue Bison ITR (International Tax Reporting) assists users in producing standard format United States FATCA related report from various electronic data sources. The current version supports producing the FATCA XML Format report and automate the production of compressed and secure payload, compliant with the IRS (Internal Revenue Service) FATCA IDES (International Data Exchange Service) guidelines.
The current US FATCA XML Schema is based on business requirements collected by a multilateral working group. The schema uses elements from existing reporting schemas used by the OECD and the European Union (EU) to reduce burden on reporting entities. The application is designed pursuant to the Automatic Exchange of Information (AEOI) standard developed under Global Forum on Transparency and AEOI for Tax Purposes. It will eventually support multiple reporting schemas from various jurisdictions and reporting entities, as and when they are formally implemented.