For many actors this means the new regulations burden them both in terms of purely administration and through having to adapt systems that administer the different products. Especially if they have business activities in several Nordic countries. New legal requirements that affect everyone, but the actors who have chosen to associate themselves with the industry standard Itello and are developing within the framework of Inca gain a number of advantages. „From our perspective the implementation of the new regulations is one in a series of mandatory requirements. All of our customers have the same version of Inca, this means that we can implement the entire process from the mapping of needs to development, testing and launching to customers in a structured and cost- effective manner. What is new is that all countries in the Nordic region have signed a similar but not identical agreement with the American government. Our customers have business activities in several countries. Therefore we must be able to apply the respective country’s agreement and the tax authorities‘ instructions and interpretations about which products are covered“, says Peter Blumenthal, Product Owner at Itello.
The submitted memorandum proposes a new law on the identification of reporting obligated accounts in view of the FATCA agreement. Amendments were also suggested in the Tax Procedures Act’s provisions on control data. Furthermore, a new law was proposed on the exchange of information because of the FATCA agreement.