PwC UK acquires Tax Reporting software company, Ellis Financial Systems
PwC has acquired Ellis Financial Systems Ltd to help financial services firms meet the significant new tax information reporting requirements coming into force.
Ellis already has an excellent reputation for preparing multi jurisdictional tax reporting for financial institutions to give to their clients. More recently Ellis has developed the capability to report information to tax authorities, as required under the new automatic exchange of information regimes; the Foreign Account Tax Compliance Act (FATCA) and the OECD’s Common Reporting Standard (CRS). These new laws mean financial institutions must now produce detailed reports of clients data for tax authorities around the world.
Stephen Camm, Head of Customer & Investor Tax Transparency at PwC, said: “This investment means we can help clients who are looking for accurate and reliable solutions to these significant new tax transparency requirements. We think we can dramatically reduce the workload for financial institutions. Our software can process huge amounts of customer data in a secure way, for example it can generate up to 10,000 client tax reports per hour, tailored to the rules of different jurisdictions.”
Ellis has been renamed as PwC Tax Information Reporting Ltd and operates from PwC’s London office.