PricewaterhouseCoopers (PwC) has purchased Ellis Financial Systems, a UK-based software company, in a move to support financial services firms so as to meet new tax information reporting rules coming into force.
Following the acquisition, Ellis will be re-named PwC Tax Information Reporting, and will operate from PwC’s London office.
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The deal will allow PwC clients to meet the new tax information reporting requirements in the Foreign Account Tax Compliance Act (FATCA) and the OECD’s Common Reporting Standard (CRS).
The software company has an established reputation for preparing multi-jurisdictional tax reporting for clients of financial institutions, PwC said.
PwC tax partner Stephen Camm said: "This investment means we can help clients who are looking for accurate and reliable solutions to these significant new tax transparency requirements.
"We think we can dramatically reduce the workload for financial institutions. Our software can process huge amounts of customer data in a secure way, for example it can generate up to 10,000 client tax reports per hour, tailored to the rules of different jurisdictions."
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