On October 23, industry leaders and representatives from TAINA gathered at the London Conference on Operational Taxes for Investment Firms to analyze the latest trends and regulatory challenges affecting funds and custodians.
According to TainaThe gathering highlighted two crucial discussions: the transition to online tax solutions and the upcoming introduction of CRS 2. These panels highlighted the central role of technology at the intersection of emerging tax regulations.
During the panel titled “Technology and Tax: The Looming Shift to Online Solutions,” experts including Mark Huyan of State Street, Maarten Van Der Hoeven of abrdn, Emma Young of Ashmore Group and Rich Kent of TAINA Technology, shared their views on change. potential of technology in tax compliance.
They highlighted how automation can minimize manual errors and increase efficiency, allowing tax compliance teams to spend more time on high-value tasks. Automated data validation, integration and real-time data quality checks have been identified as crucial to maintaining accurate and up-to-date data, simplifying adaptation to new regulations and improving both compliance and performance. operational efficiency.
The ‘Introducing CRS 2’ panel, led by David Smith of HMRC and Paul Worlock of NatWest, outlined the expanded data requirements under the new common reporting standard due to be implemented in January 2026.
The revised CRS 2 framework requires more detailed data entry, including distinctions between new and pre-existing accounts, verification of valid customer self-certifications, identification of joint accounts and their holders, and categorization of account types . These changes highlight the importance of careful data management, which can be facilitated by technology solutions that ensure consistent and automated validation.
Both panels consistently emphasized that data quality is critical to successful tax compliance. High-quality data reduces errors and enables reliable reporting, which is crucial under complex new standards such as CRS 2. By employing technology to continuously validate and monitor data, businesses can proactively manage quality issues, thereby improving compliance outcomes and mitigating regulatory risks.
The discussions also recognized that the adoption of technology and automation in tax compliance is no longer optional but essential. Automation allows businesses to efficiently manage complex reports, scale operations and reduce costs, ensuring a competitive advantage in a strict regulatory environment.
Additionally, quickly adapting to regulatory changes and new laws such as CRS 2 ensures immediate compliance and lasting organizational resilience. By automating compliance data management, companies can redirect resources toward strategic initiatives, transforming compliance from a simple operational necessity into a significant driver of business value.
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