iBS Foreign Account Identification & Reporting (iBS-FAIR)

Take advantage of iBS' advance

FATCA combines essential requirements from the areas of withholding tax management and regulatory reporting. For over a decade now, iBS AG has been developing and maintaining the market-leading SAP standard solutions in these areas.

iBS AG is leveraging the benefits of this extensive professional and technical expertise and, with iBS FAIR, is already developing modular standard software with which the principal FATCA requirements can be gradually modeled in your existing SAP landscape.

Standard software offers security & cuts costs

When it comes to imlementation and operation, iBS-FAIR features all benefits of a standard software:

• On-time implementation
• Reduced resource tie-up
• Significantly lower costs for adapting the solution to meet new requirements
• Predictable maintenance costs
• Lower TCO
• Compliance requirements

iBS FAIR is a state-of-the-art standard SAP software product with a modular design which helps you to efficiently implement the complex FATCA requirements, from categorization to withholding and reporting.

Categorization

• Checking all existing accounts of private individuals and companies with regard to the evidence specified by the IRS
• Support during the process of clarifying US tax liability in the event of such evidence
• Recording and checking the FATCA-relevant information when new business partners, accounts, and contracts are created
• Classifying business partners and accounts in the categories - non-U.S. account, U.S. account, and recalcitrant / non-participating
• Event-controlled change monitoring

Withholding

Withholding of 30% FATCA deduction applicable to the following:

• On interest, dividends, sales proceeds, and other income that can be indirectly or directly attributed to US assets
• For contract partners who prevent their data from being disclosed to the IRS
• For payments to financial institutions that do not subject themselves to the FATCA regime

Reporting

To the IRS:

• For private individuals who were identified as being US tax-liable and have agreed to their data being transferred: information about their person, the accounts, contracts, and depots, as well as their financial circumstances
• In the case of legal persons, also the identification of all directly or indirectly involved substantial U.S. owners
• Aggregated reporting with information about the number of account holders who are preventing the disclosure of their data and also about their financial circumstances as a whole
• Separate reports about account closures and transfers
• Other data at the request of the IRS

To the contact partner:

• Notification about the data reported to the IRS

Modular design allows implementation in stages

The iBS FAIR components are already in the specification and development phase, and the iBS FAIR Customer Council is an ideal opportunity for potential customers to put forward their requirements and suggestions for the final product.

To enable you to implement the FATCA requirements on schedule, the individual components, which can also be licensed separately if you wish, will be delivered in the following stages:

iBS-FAIR Categorization:	Mid-2012
iBS-FAIR Withholding	Beginning of 2013
iBS-FAIR Reporting:	End of 2013

 

Our expertise for your success

To enable you to implement the FATCA requirements according to the tight schedule, iBS, together with selected partners, invests in building up the necessary implementation ressources.

This, together with our experiened solution specialists and the iBS test factory, which actively supports the planning, execution, and assessment of testing activities, ensures successful project outcomes every time.