Laven Partners FATCA Compliance solution addresses the need for FATCA implementation ahead of the 25 April deadline
Jerome Lussan, CEO of Laven Partners, announced the formation of Laven Partners Tax Compliance Desk for the first time at the Global Fund Domiciles and Governance Forum on January 30, 2014.
The Laven Partners Tax Compliance Desk provides a comprehensive service to fund managers who need to ensure the soundness of their day-to-day operations in light of the recent changes to tax regimes around the world (FATCA, G20 information exchange agreements, AIFMD letter-box entities – to name a few). Because tax substance relies entirely on day-to-day business operations such as corporate governance as opposed to accounting and fiscal rules, Lussan advised that fund managers and financial services companies need to thoroughly assess their approach to ensure they do not fail should they come under the scrutiny of tax authorities.
Laven Partners’ record of experience in advising fund managers on corporate governance, regulatory compliance and internal operations provides the ideal background for extending its service offerings to the tax compliance arena. Laven Partners Tax Compliance Desk will assist clients with both gap analysis and assistance in implementing any external legal and accounting advice into day-to-day operations. Laven Partners’ core competency is to be able to transpose advice into comprehensive and practical internal tax compliance processes, thus improving the client’s operational efficiency and ensuring its soundness in the face of fiscal authorities.
In view of the 25 April registration deadline for firms subject to FATCA, the Laven Partners Tax Compliance Desk has been focusing on helping clients with implementing their FATCA compliance solutions. Tom Morgan, Managing Director of Laven Partners US, commented: “Our focus is on pragmatic solutions for clients. Our assistance starts with providing an analysis of the client’s FATCA obligations, taking them through the Foreign Financial Institution registration process, conducting due diligence of the existing investor base and setting up on-boarding procedures for new investors and other FATCA compliance requirements. We then assist the Responsible Officer on an ongoing basis to help him implement and monitor the client’s compliance program, including coordination of ongoing reporting obligations accommodated by fund administrators”.
Through its Tax Compliance Desk, Laven Partners offers FATCA compliance services, substance and corporate governance to offshore fund structures through local and dedicated services, as well as a full tax compliance assessment of a client’s structure on request.
Lussan added: “The Laven Partners Tax Compliance Desk is designed to supplement the tax advice provided by our clients’ legal and accounting teams by providing practical guidance on the actual implementation of required policies and procedures. To accomplish this requires a complex merger of strong operational experience and deep regulatory knowledge. Because Laven is a unique consultancy model we have the know-how to offer a service that is new and yet invaluable for offsetting risk for our clients. From our due diligence practice to our global regulatory teams with in-house lawyers as well as experts in the field of asset management we are and remain a leader in matters of tax compliance.”
Download the presentation from the event: Laven Partners: The Changing Tax Environment – How to be Tax Compliant
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