BearingPoint Caribbean, a world leader in software designed for the automatic exchange of information (AEOI) for competent authorities, is pleased to announce the contract awarded by the Inland Revenue Division of the Commonwealth of Dominica for the Multi Data Exchange Solution (MDES). The solution will help the organization meet its reporting commitments under the OECD’s Exchange of Information on Request (EOIR) and Common Reporting Standard (CRS), and the U.S. Foreign Account Tax and Compliance Act (FATCA). Dominica will start the CRS and FATCA reporting in the second half of 2021. EOIR exchanges will follow after that.
The MDES is a proven cross-border tax information exchange solution that supports multiple bi- and multilateral agreements such as the CRS, FATCA, EOIR, and Country-by-Country (CbC) reporting agreements. It enables competent authorities to meet their reporting commitments effectively and successfully under international Base Erosion Profit Shifting (BEPS) regulations.
Dominica is the third Caribbean nation, after the Dutch Caribbean islands of Curaçao and Aruba, to select the MDES for their reporting obligations. BearingPoint Caribbean provides full-service support to the IRD of Dominica during implementation and extensive helpdesk support after go-live. Our 8-week proven implementation approach includes ready-for-use templates and plans to manage the process, assistance with hardware and infrastructure set-up, assistance with frequently asked questions by reporting entities, on-site training of all users involved, and guidance during and after the enrolment and testing of the Common Transmission System (CTS) of the OECD.
The MDES handles the complex and evolving processes of automatic data exchange in a secure and stable environment. The solution offers extensive validations of data and complies with all transmission, encryption, and security standards for data exchange, as set out by the OECD and the IRD.
The user-friendly online portal allows financial institutions and multinational enterprises to register, upload, validate, and submit the required data, after which they receive notifications on the processing status.
Ever since the first implementation of the MDES at the Tax Authority of Curaçao in 2015, many more countries have selected BearingPoint Caribbean’s data exchange solution for their reporting obligations, including Samoa, Aruba, Marshall Islands, Vanuatu, Greenland, Peru, Ghana, and Sint Maarten. BearingPoint Caribbean is proud to add Dominica to this list of MDES customers.
Find out more about our MDES software here