Peru selects BearingPoint Caribbean’s Multi Data Exchange Solution for AEOI

Topic Tax - Reading time 1 - 2 minutes

BearingPoint Caribbean has been selected by Peru as the provider of a solution for AEOI. The Multi Data Exchange Solution (MDES) is a proven solution that enables competent authorities to effectively and successfully meet their reporting commitments under the OECD’s Country-by-Country Reporting (CbC) and Common Reporting Standard (CRS).

BearingPoint Caribbean, a world leader in software for automated exchange of information for tax purposes, has been selected by Peru as the provider of a solution for AEOI. The Multi Data Exchange Solution (MDES) is a proven solution that enables competent authorities to effectively and successfully meet their reporting commitments under the OECD’s Country-by-Country Reporting (CbC) and Common Reporting Standard (CRS). Peru will start the exchange of Country-by-Country reporting in 2019.

 

The MDES is a proven cross-border tax information exchange solution that supports multiple bi- and multilateral agreements such as FATCA, CRS, CbCR, EOIR, and ETR. It handles the complex and evolving processes of automatic data exchange in a secure and stable environment. The MDES offers extensive validations of data and compliance with all transmission, encryption, and security standards. The MDES comes with a user-friendly online portal that allows multinationals (MNEs) and financial institutions (FIs) to register, upload, validate, and submit the required data, after which they receive notifications on the processing status.

The Republic of Peru signed the Multilateral Competent Authority Agreement (MCAA) on August 31st, 2018, making it the 12th Latin American jurisdiction to do so. This allowed Peru to swiftly set out the details of the exchanges, in particular for the automatic exchange of Country-by-Country reports on activities of multinational enterprises. The Peruvian Tax Administration (SUNAT) selected the MDES through an open bid process and will start using the system as of May 2019.

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 requirements, including Samoa, Aruba, Marshall Islands, Vanuatu, and Greenland. After a brief implementation of six weeks, BearingPoint Caribbean provides full-service support to competent authorities that includes on location implementation and training, extensive helpdesk support, and organizational assistance.

 

Find out more about our MDES software here