EasyTax

Our EasyTax standard software solution enables retail and private banks to calculate withholding taxes and produce fiscal reports for clients.

Given the growing pressure on clients to be tax transparent in their home countries, they are increasingly demanding a fiscal report from their wealth managers. This report allows clients to easily file their tax returns with the relevant information on income from interest and dividends and capital gains on wealth. While the service to produce on–shore reports is already a standard for banks, challenges are still present in producing off-shore reports.

BearingPoint is capable in offering a standard product for those requirements, which is successfully operating in-house and in use via outsourcing for about 12 individual tax jurisdictions.

Many countries, such as Germany, Austria and Belgium, have started to introduce taxation at source (withholding tax). As we have implemented the requirements of the Swiss final withholding tax agreements with United Kingdom and Austria, EasyTax is now also able to calculate tax at source as part of the end-of-day processing for that type of agreements. After the calculation, tax booking records are transmitted to the bank’s core system.

As part of our standard maintenance service, we provide updates in line with changing taxation laws. With several releases during the year, our clients will receive timely updates to ensure continuous alignment with tax calculation rules.

You can find detailed information on www.bearingpointabs.com.

Concept

We specialize in helping clients with tax reporting. Our clients include private & wealth management banks, family offices, retail banks, banking package providers and tax reporting service providers.

We offer a range of country specific reporting modules and services focusing on tax law, including:

  • Standardized tax reporting modules
  • Standardized withholding tax calculation modules
  • Standardized software integration support services
  • Standardized maintenance services

Business Applications

Modules

The EasyTax range currently includes the following modules:

Fiscal reporting modules

  • For Switzerland, Germany, United Kingdom, France, Belgium, Netherlands, Luxemburg, Spain and Austria.
  • Cover all country specific tax calculation rules for taxation of income, capital gain and wealth
  • Fiscal report layout easily adapted to corporate identity standards of the bank
  • Generation of detailed reports at the individual asset position in the portfolio
  • Generation of summary reports with direct referencing to the official tax forms of the various countries
  • Generation of past reports (e.g. German fiscal reports from 2002 onwards)

Generic reporting module

  • Allows the banks to offer on a broad basis a fiscal report service to all international clients
  • Designed to enable clients to reconcile all taxable transaction and to manually calculate the taxable base for the tax return filing.

Withholding tax calculation modules for United Kingdom and Austria

  • Regularization of the past:
    • Calculation of one-off tax charge as per defined formula covering 10 years of history
    • Production of a tax booking records for the one-off tax charge and production of reports to the tax authorities and clients
  • Going forward:
    • Calculation of the tax to be withheld at source
    • Generation of tax booking records, production of various tax authority and client reports
    • Calculation of taxable income for disclosed clients and production of the relevant authority and client reports

Benefits

  • Single tax engine, connected with a single interface and operated in a single process
  • Multi-country fiscal reporting
  • Continuously updated for tax law changes
  • High-quality report services for demanding wealth clients
  • Large client community - currently more than 80 banks in Switzerland, Luxemburg, Liechtenstein and Singapore are using EasyTax

Connecting EasyTax with your banking system and with tax data providers

We have forged agreements with the following banking software vendors to offer interested clients a standard interface to EasyTax: Finnova, SunGard, ERI Bancaire, TCS and HP.

Our implementation consultants are also experienced in building interfaces with the various banking systems.

In addition, EasyTax offers a native interface to the following tax data providers: WM Datenservice and SIX.

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