ZEDRA, a provider of independent trust, fiduciary, corporate and fund services, has selected Sovos’ AEOI Reporting solution to automate multi-jurisdiction tax reporting.
The move comes in the wake of changing regulations such as the Automatic Exchange of Information (AEOI) endorsed by Organisation for Economic Co-operation and Development (OECD) that concerns exchange of information between jurisdictions for tax purposes.
The vendor said that its solution will help ZEDRA meet its tax, compliance and reporting needs in line with its growth strategy.
Commenting on ZEDRA’s choice of the AEOI solution, Sovos AEOI director for product strategy Scott Freedman said: “Their management team realised that their existing, manually-based tax reporting system would not cope with the additional demands that multi-jurisdiction reporting would create and as befits their reputation for speed, have moved quickly to put in place an automated process.”
In addition, the vendor will also offer the firm its Taxport Compass Tool, which is designed to keep the firm updated on changing compliance regulations.
ZEDRA CEO Niels Nielsen said: “We are constantly looking at ways to improve processes within our organisation with innovative technology solutions. Sovos provides a unique service to meet the demands of our rapidly growing business needs and reporting obligations.”