The first exchange of information by the Inland Revenue Division of the Commonwealth of Dominica has been successful. The Multi Data Exchange Solution (MDES) enabled the organization to effectively exchange information for both FATCA and CRS.
The IRD was assisted by BearingPoint’s MDES team who, to ensure a successful exchange, also supported the financial institutions (FI’s) during their first exchange. A webinar was set up for all FI’s to demo the entire process from registration to submittal of the required data. Also, the team was available to answer frequently-asked-questions from both parties involved. After an on-site training during the implementation phase back in July 2021, the MDES team now provided guidance to the IRD during and after the successful enrolment of the exchange to the Common Transmission System (CTS) of the OECD.
The Multi Data Exchange Solution (MDES) is a true full-service exchange of information solution for tax authorities.
“The approach of BearingPoint to prepare, support, and guide users on both sides of the exchange in the new system was highly satisfactory and effective for the organization,” commented Annette George-Boney of the IRD.
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.