Global wealth and fund management firm ZEDRA has selected software from tax compliance specialist Sovos to meet its Automatic Exchange of Information (AEOI) reporting requirements.

The AEOI is an OECD global standard which aims to help firms more easily navigate the global challenge of multi-jurisdiction tax compliance. More than 100 tax jurisdictions have committed to the standard – with 54 undertaking their first exchanges this year and 47 going live in 2018.

As well as its AEOI reporting solution, Sovos will also supply ZEDRA – which specialises in trust, corporate and fund services – with its Taxport Compass tool, designed to keep clients up-to-date with evolving compliance regulations, such as the Common Reporting Standard (CRS) and the Foreign Account Tax Compliance Act (FATCA).

Niels Nielsen, ZEDRA’s CEO, explained: “We are constantly looking at ways to improve processes within our organisation with innovative technology solutions. After our first FATCA filing we saw the pressure that the CRS would put on our internal resources. CRS is inherently more complex than FATCA, and we knew that we would need to adopt a scalable technology-based automated solution if we were to achieve successful filings in multiple jurisdictions.”

Scott Freedman, director of product strategy for Sovos AEOI, said of the ZEDRA deal: “Their management team realised that their existing, manually-based tax reporting system would not cope with the additional demands that multi-jurisdiction reporting would create, and as befits their reputation for speed, have moved quickly to put in place an automated process.”

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