Standardized and ready-to-use tax reporting software
Financial institutions are facing the major challenge of having to fulfill the tax authorities’ ever-changing requirements concerning reporting standards which frequently request modifications in electronic files and reports. They are confronted with the difficulty of implementing these modifications in time without deteriorating quality. BearingPoint handles this process and ensures the regular updating of its tax reporting solutions EasyTax and FiTAX to always provide its clients with a promptly renewed solution. This approach has proven to be a cost-effective solution to lighten the burden of tax reporting for financial institutions, thus allowing them to focus on their core activities.
The creation of tax reports can be very challenging, especially for large private clients, known as ultra-high net worth individuals (UHNWI). In connection with the UHNWI segment we frequently see complex client structures with various beneficial owners in different tax domiciles. EasyTax is a global tax reporting solution, which works on the basis of different local tax laws, allows financial institutions to handle all the different constellations in tax reporting. EasyTax covers 20 individual jurisdictions and is successfully used in-house and in outsourcing setups by over 80 banks in multiple countries worldwide.
Tax reporting for the following countries is currently included in the product: Germany, France, Spain, UK, the Netherlands, Belgium, Austria, Switzerland, Luxembourg, Italy, Denmark, Sweden, Norway, Finland, Israel, Portugal, Brazil, Mexico, Chile, Australia and South Africa. In response to the market demand, further solutions are being developed for important markets in Asia and Latin America. Furthermore, EasyTax modules for calculating and recording taxes as well as for performing local authority and client reporting are available for France, Luxembourg, Spain, Switzerland and UK. Further on-shore EasyTax modules are planned.
FiTAX is a standard software solution for financial institutions to generate tax reports for tax authorities around the world. The reporting software meets the requirements of IRS reporting for Qualified Intermediary (QI), the Foreign Account Tax Compliance Act (FATCA) and its IGAs, The UK FATCA (UK CDOT) and the Common Reporting Standard (CRS). More than 75 of the most important financial institutions, represented by more than 2,500 financial companies in 85 countries use FiTAX as the main solution for tax reporting. Consequently, these firms are able to automate the fiscal reporting processes and to produce and send tax reports from a single platform. Thanks to its scalability, the software solution can be used by globally operating companies with branches in many countries and likewise by financial institutions operating locally.
FiTAX covers the following reportings: