FiTAX

At BearingPoint we can help you meet your tax regulatory reporting obligations in a quick and cost-effective way allowing you to fully concentrate on your core business.

Our FiTAX standard software solution for financial institutions produces the tax reports required by tax authorities all over the world.

We have extensive experience in tax reporting and bring a variety of modules dedicated to tax regulatory reporting: FiTAX QI (Qualified Intermediary) for reporting to the IRS (Internal Revenue Service), FiTAX FATCA (Foreign Account Tax Compliance Act) for IRS reporting as well as the reporting to the local tax authorities within countries that have an IGA 1 (Intergovernmental Agreement – model 1) with the United States, and FiTAX EU for EUSD (Euro-Savings Directive) reporting.

Since 2015, we also offer two new modules:

We have been continuously developing FiTAX since 2001 to stay in line with both new laws and changes to existing laws.

FiTAX enables financial institutions to automate the regulatory reporting processes and to create and send reports using a single centralized platform. Today, more than 60 major financial groups – representing over 1500 financial institutions across 45 countries – use FiTAX as their main reporting solution.

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

Concept

Drawing on our specialist knowledge and experience in tax reporting, we offer modules and services that focus on tax regulatory laws. Over the years we have continuously enhanced our solution and adapted it to fulfill the needs of our clients.

Our standardized software solutions include:

  • FiTAX QI (since 2001): IRS reporting for Qualified Intermediaries. Chapter 3.
  • FiTAX Recon (since 2003): data reconciliation with custodians.
  • FiTAX EU (since 2005): EUSD reporting to foreign tax authorities.
  • FiTAX FATCA (since 2014): IRS reporting for FFIs. Chapter 4.
  • FiTAX CRS (since 2015): OECD CRS reporting for the Automatic Exchange of Information.
  • FiTAX UK FATCA (since 2015): CDOT agreements reporting and ARR.

Lightening the burden of reporting regulations

One of the main challenges facing financial institutions is to stay up to date with new developments and the ever-changing reporting requirements imposed by tax authorities . Monitoring and implementing changes both punctually and reliably is getting increasingly difficult for financial institutions. FiTAX handles the whole process, staying regularly updated to comply with changes.

As a result, FiTAX is a cost-effective solution that lightens the burden of reporting, allowing you to focus on your core activities.

Close collaboration with a leading Big 4 firm

Since 2001, BearingPoint maintains a close working relationship with KPMG Tax Advisory Luxembourg. Due to a continuous exchange we have profound expertise in tax law as well as in tax reporting. This is an example of how we strive to bring real value by adding services that enable our clients a high-quality reporting towards tax authorities.

Scalability for global deployment

FiTAX can be scaled to serve global financial institutions with branches in several countries as well as local entities. However, an increasing number of financial institutions are implementing FiTAX on a hub-based approach for local reporting. In this case, local as also external users have permanent access with different access rights. Whichever approach a bank has chosen: FiTAX supports both of them.

Business Applications

The FiTAX product range currently includes six software modules:

FiTAX QI (IRC Chapter 3):

FiTAX QI helps fulfill the legal reporting duties to the IRS in the United States, for banks having primary or secondary QI status regarding incomes from US stocks held by US citizens and/or US residents (1099 reporting) as well as by NRAs (nonresident aliens) (1042-S reporting).

FiTAX Reconciliation:

The custodian reconciliation module has been developed to help back office teams of banks to reconcile FiTAX data (data of the bank) and data delivered periodically by custodians regarding earnings on US securities.

FiTAX EU (EUSD reporting):

With the application FiTAX-EU paying agencies can perform on notification of interest of the EU interest message and the EU savings tax in accordance with the rules set down in the EU directive (2003/48 / EC). The notification is made directly to local tax authorities in accordance with agreements between countries (FiTAX modules for: Switzerland, Luxembourg including RELIBI, Liechtenstein, United Kingdom, Monaco and Jersey) and the European Community.

FiTAX FATCA:

One of the key differentiators of FiTAX FATCA is our commitment to provide not only the reports required by the IRS final regulations on FATCA but also to largely cover those reports that fall under the two types of Inter-Governmental Agreements (IGA) – model 1 and model 2 of already more than 45 countries Furthermore, this module gives our clients the possibility to generate so-called “Client Reports”. With these reports, the financial institutions offer their clients the information delivered to the tax authorities in a simple and concise format.

FiTAX CRS:

Similar than FiTAX FATCA, FiTAX CRS helps financial institutions in all countries comply with the respective national requirements about tax reporting. We pursue the precise implementation of the global directives by the OECD and adapt the module constantly.

FiTAX UK FATCA:

FiTAX UK FATCA helps financial institutions comply with UK CDOT agreement with HMRC regarding the tax notification. These regulations consist of requirements regarding residence, the Alternative Reporting Regime for UK Resident Non Domiciled individuals (RNDs), reciprocal/non-reciprocal agreements with CDOT (Jersey, Guernsey and the Isle of Man, Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Montserrat and the Turks and Caicos Islands) etc.

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