Barbados Revenue Authority Selects Newgen to Automate Tax Compliance Process

MCLEAN, Virginia, June 4, 2020 /PRNewswire/ -- Newgen Software Inc., a global provider of low code digital automation platform managing content, processes, and communication, today announced that it has successfully deployed Automatic Exchange of Information (AEOI) platform at Barbados Revenue Authority for automating its country by country (CbC) reporting process.

The solution aimed at automating the end-to-end CbC reporting process and increasing organizational efficiency, was implemented within the stipulated time frame.

"The Newgen CbC solution is agile and cost-effective. It has integrated various touch points to enable comprehensive reporting. With this solution in place, we would be able to leverage industry best practices and stay on top of a rapidly changing regulatory environment," Anthony Gittens, Senior Manager, Policy, Planning and Governance, Barbados Revenue Authority.

"Newgen's solutions aim to deliver customer-centric services at optimized cost. We are glad that the Barbados Revenue Authority chose us for this strategic initiative, and we look forward to our partnership with them. Using our CbC solution, the authority can deliver better services and achieve greater transparency," Diwakar Nigam, MD and Chairman, Newgen Software.

Built on a low-code application platform, Newgen's CbC solution features easy to deploy process templates, self-registration capabilities, and highly descriptive reports. The solution offers flexibility to enable the Barbados Revenue Authority to adapt to any regulatory changes and remain compliant. Additionally, Newgen's COE team continuously scans and checks updates for regulatory guidelines and evolving best practices to ensure that current and future compliance requirements are met.

Newgen's compliance and reporting solutions ensure that organizations stay compliant with regulations. Using these solutions, organization scan simplify regulatory compliance and mitigate risks through complete reporting and documentation.

About Barbados Revenue Authority:

Barbados Revenue Authority is the main revenue collecting agency in Barbados, responsible for effective and efficient tax administration. The institution is also recognised as the Competent Authority for the country in relation to exchange of information compliance. In this role, the Barbados Revenue Authority is responsible for the transmission of data related to the Common Reporting Standard (CRS), the Foreign Account Tax Compliance Act (FATCA) and country by country compliance in accordance with the guidelines of the Internal Revenue Service (IRS) and the Organisation for Economic Cooperation and Development (OECD).

About Newgen Software Inc.:

Newgen Software Inc. is a global provider in banking process automation with more than 200+ banks and financial services institutions as its clients. Newgen's banking process management framework automates critical business processes for banking institutions across commercial lending, consumer lending, customer on-boarding, online account opening, trade finance, digital and mobile customer service request. Newgen offers flexible on-premise and cloud-based solutions to financial institutions.

To learn more about how Newgen is connecting enterprises and transforming experiences, visit: http://www.newgensoft.com/

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Asif Khan
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SOURCE Newgen Software Inc.