How and Why the GATCA Library Came To Be…

Jul 21, 2016 | 0 comments

The Why

We at TConsult Ltd, first established the library as an internal function, a tool for us to use in house. The library began as a simple folder that was constructed in order for TConsult to have access to the vast industry information at our fingertips and in one easy location, enabling us to provide our clients with valued and up to date opinions, information and help.

Whilst doing all our research and curating the various documents and information for our library, we realised that there wasn’t an obvious place or platform in the market place that was a single point of contact that could be accessed easily and efficiently for the information that we were collecting internally with our library.

As an industry that is constantly changing and with so many sources of information required in order to be compliant, we at TConsult Ltd, saw an opportunity to create a curated and centralised library of information for responsible officers, relationship managers, and financial services professionals responsible for ensuring tax compliance.

So, we decided to launch our library, GATCA Resource Library (GATCA.info) on 12/05/2016 and the associated GATCA App (an offline version of the library) via the iOS apple store on 07/06/2016 with an android version hopefully coming in the future.

We designed The GATCA Resource Library to help and allow firms to maintain adequate resources to meet their compliance obligations for FATCA, the OECD’s Common Reporting Standard (CRS) and Automatic Exchange of Information (AEoI) programme, the US QI and NQI withholding regulations, and BEPS (Base Erosion and Profit Shifting regulations) under the Periodic Review regulations contained in Revenue Procedure 2014-39.

The How

At first the library was focused on FATCA, (see Wikipedia FATCA – Foreign Account Tax Compliance Act), the HIRE ACT, but as the industry (countries caught on to the obvious benefits for taxing individuals on foreign income) began to grow at a rate of knots that has become typical within the financial industry, we had to improve and develop our library to keep up as the industry of withholding tax and tax evasion expanded. With the constant development of FATCA and now GATCA, our research and library have had to be adaptable, with the library continually expanding with documents, links to information and industry updates. The library has grown from the simple “FATCA” regulations to now the commonly used acronym “GATCA” (Global FATCA ), which covers, but not limited too, compliance obligations under FATCA, the OECD’s Common Reporting Standard (CRS) and Automatic Exchange of Information (AEoI) programme, the US QI and NQI withholding regulations, and BEPS (Base Erosion and Profit Shifting regulations). We continually monitor the various markets such as the UK, EU and the USA.

The Library features carefully curated documents from a number of different public domain sources, arranged into folders according to jurisdiction. These are presented via a user friendly website and a dedicated iOS app, allowing financial services staff instant access to everything they need to approach compliance in an informed way.

The key features of the GATCA Resource Library include:

  • Comprehensive document library, featuring over 600 documents
  • Easy document search
  • Descriptive file names
  • Curated news feeds from industry experts
  • Curated web links, i.e. to Wikipedia

We update the library with new documents, links to information and industry news on a regular basis, currently this is daily, with subscribers receiving a notification of the added document, link or news, while the iOS App is updated with the same documents, information and links as the website on a quarterly basis.

To find out more about GATCA compliance and how the GATCA Resource Library could help you, watch this short video below or visit gatca.info for more information.

Author

Stuart Lipo

Stuart Lipo

Subject Matter Expert

Stuart is one of the key researchers and curators of legislation within TConsult Ltd. He was born and educated in South Africa before moving to the UK. Since leaving college Stuart has worked in the financial industry for independent financial advisors. His experience helps TConsult expand our specialisms and industry knowledge. He is the curator of our GATCA Resource Library.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.