Complexity in a particular AIFMD reporting is determined by the level of calculations for various reporting fields. Data for calculation has to be obtained from a number of sources such as Position Market Value (or PMV) file, trades file, financial statements, investor statements, risk and exposure report, and liquidity report for fund and portfolio.

Most often, we hand over the bulk of our investments and income to advisors at our bank or our private asset managers for prudent distribution and gainful returns. From here, any information or paper work received, is usually passed on to auditors or tax experts for help with navigating through the complicated world of tax compliance.

More and more countries are requiring multinational enterprises (MNEs) to comply with the new model of tax reporting and compliance. MNEs are subject to multiple tax jurisdictions. Country-by-Country reporting requires all types of large multinational enterprises and partnerships based in the UK to provide an annual report with a country-specific breakdown of profits made and taxes paid in all countries in which they operate. Simply operating at a global level should not exclude MNCs from having to declare their returns of all their firms on foreign operations.

In the final week of September 2018, the House of Representatives passed the Grant Reporting Efficiency and Agreements Transparency (GREAT) Act of 2018 through a voice vote.

Data standardization has often been trumped as the gold standard for financial reporting – and justifiably so. Not only can it help ensure greater transparency and comparability between the financial performance and position of companies or local government bodies, but it can also lead to reduced costs when it comes to data preparation, conversion and interpretation.

On 13 July 2018 HMRC released VAT Notice 700/22: Making Tax Digital for VAT. As the scheme is only months away from its scheduled launch date, businesses and accounting firms alike will likely welcome the additional clarification that this release brings.