Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.
Cloud Expo on Google News
SYS-CON.TV
Cloud Expo & Virtualization 2009 East
PLATINUM SPONSORS:
IBM
Smarter Business Solutions Through Dynamic Infrastructure
IBM
Smarter Insights: How the CIO Becomes a Hero Again
Microsoft
Windows Azure
GOLD SPONSORS:
Appsense
Why VDI?
CA
Maximizing the Business Value of Virtualization in Enterprise and Cloud Computing Environments
ExactTarget
Messaging in the Cloud - Email, SMS and Voice
Freedom OSS
Stairway to the Cloud
Sun
Sun's Incubation Platform: Helping Startups Serve the Enterprise
POWER PANELS:
Cloud Computing & Enterprise IT: Cost & Operational Benefits
How and Why is a Flexible IT Infrastructure the Key To the Future?
Click For 2008 West
Event Webcasts
Thomson Reuters Launches FATCA Compliance Solution
Combined Market Leading Content and Technology Reduces Regulatory Burden for Firms

LONDON -- (Marketwire) -- 01/07/13 -- Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced the launch of a solution to help institutions fulfil and comply with their obligations under the forthcoming US Foreign Account Tax Compliance Act (FATCA). Supported with the full power of Thomson Reuters content and solutions assets from its Governance, Risk & Compliance, and Tax & Accounting businesses Thomson Reuters for FATCA Solution, brings together market leading technology already widely used by organizations around the world to solve issues with regulatory compliance, tax documentation and tax reporting. It will enable organisations to identify, maintain and validate their customer records to assist in FATCA compliance.

It is estimated that tax avoidance by US citizens and entities using offshore bank accounts and other vehicles held at foreign financial institutions (FFIs) is costing the US government around $500 billion a year. Under FATCA rules, which become effective on 1 January 2013, all FFIs will be required to collect, manage and report all information that could reasonably point to individual's liability for US taxation to the Internal Revenue Service (IRS) -- a process estimated to cost foreign banks, with more than 25 million accounts, at least US$250 million (US$10 per account) to implement, according to the European Banking Federation and the Institute of International Bankers.

"The real costs for FATCA compliance, on an individual firm basis, will vary based on the state of the client account data in question and the technology and systems framework in place to store that data," said Virginie O'Shea, analyst, Aite Group. "Those with a more robust legal entity or client data management framework or anti-money laundering (AML), or Know Your Customer (KYC) assessment scheme in place are likely to be better positioned to tackle the challenge."

The impact of FATCA will be widely felt across the financial industry with banks, investment funds, insurance companies, mutual funds, broker-dealers, custodians, intermediaries, and private equity firms all having to comply. FATCA places significant reporting requirements on firms to identify US account holders. This will create significant operational and systemic pain points, particularly around on-boarding, classifying and documenting new clients, and in gathering sensitive data from a variety of structured and unstructured sources.

Thomson Reuters for FATCA Solution comprises modules for On-Boarding, featuring US indicia search; Self-Assessment, featuring W-8 and W-9 form preparation and collection; and Tax Information Reporting, featuring forms 1042, 1042S and 1099. The solution also features configurable regulatory and management reporting. It is designed to integrate easily with organisations existing processes and technology and is offered as an installed or hosted solution.

"FATCA compliance will require a multi-disciplinary approach that will touch many points across an organization," said Laurence Kiddle, commercial director, FATCA, Thomson Reuters. "Thomson Reuters has brought together a number of leading tried and tested technologies, spanning governance, risk, compliance, tax and accounting to enable compliance with this new direction in taxation regulation. This approach makes us uniquely placed to provide a full, and modular, solution that can help institutions fulfil and comply with the obligations they are under and supports every stage of the challenges they will face as a result of FATCA."

Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to: http://thomsonreuters.com

CONTACTS

Alan Duerden
PR Director, GRC & Marketplaces
+44 20 7542 0561
+44 7825282483
alan.duerden@thomsonreuters.com

Tina Allen
PR Manager, Tax & Accounting
+ 44 207 375 6814
+44 7766 922022
tina.allen@thomsonreuters.com

About Marketwired .
Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Cloud Developer Stories
Storage administrators find themselves walking a line between meeting employees’ demands to use public cloud storage services, and their organizations’ need to store information on-premises for security, performance, cost and compliance reasons. However, as file sharing protocols...
What do a firewall and a fortress have in common? They are no longer strong enough to protect the valuables housed inside. Like the walls of an old fortress, the cracks in the firewall are allowing the bad guys to slip in – unannounced and unnoticed. By the time these thieves get...
With the rapid advancement of processor technologies, disk access has been identified as the next performance bottleneck in many cloud computing applications. In recent years, storage appliances based on flash memory technologies have been deemed as practical solutions to resolvi...
In this challenging environment, a combination of automated integration testing and test virtualization can enable test teams to improve software quality and keep up with the rate of change. This white paper helps address these needs by describing the benefits that can be gained ...
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that’s reasonable. But SDN opens opportunities for n...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021



SYS-CON Featured Whitepapers
ADS BY GOOGLE

Breaking Cloud Computing News
delivering unmatched performance, major new graphics capabilities and twice the energy efficiency of...