AMSTERDAM--(EON: Enhanced Online News)--With the upcoming Automatic Exchange of Information (AEOI) and its resulting tax reporting complexity, combining on- and off-shore tax applications within a single platform is one of the most time- and cost-effective approaches. BearingPoint is extending its current EasyTax application to include on-shore tax calculation and reporting capabilities. Based on tax law applicable to a bank’s domicile, the module enables the calculation of the tax amount to be debited by the bank acting as paying agent. It handles the tax reports required by tax authorities as well as client tax reports. Modules for France and Spain go live at the beginning of 2017 and for Belgium, Italy and the UK later next year.
“Clients require the same quality and standard of tax reporting services from their wealth managers irrespective of where they placed their assets. What we see in the market is a trend of consolidation, whereby financial institutions are providing more and more tax services from a single tax platform”
“Clients require the same quality and standard of tax reporting services from their wealth managers irrespective of where they placed their assets. What we see in the market is a trend of consolidation, whereby financial institutions are providing more and more tax services from a single tax platform,” says Ronald Frey, Partner at BearingPoint.
BearingPoint’s EasyTax standard solution produces high quality, jurisdiction-specific tax reports. It already covers 20 jurisdictions with its country specific off-shore modules (Austria, Belgium, Brazil, Chile, Denmark, Finland, France, Germany, Israel, Italy, Luxemburg, Mexico, Netherlands, Norway, Portugal, South Africa, Spain, Sweden, Switzerland and UK). EasyTax offers generic tax reporting including capital gain calculation using different compensation logics.
The EasyTax solution
EasyTax is BearingPoint’s standard software solution for producing country-specific tax reports enabling financial institutions to provide their clients with a service to ease their tax filing duties. More than 80 financial institutions worldwide already produce tax reports with EasyTax for their clients. EasyTax clients include private and wealth management banks, family offices, retail banks, banking package providers, and tax reporting service providers.
EasyTax offers 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
More information: www.bearingpointabs.com
About BearingPoint RegTech
With its RegTech product line, BearingPoint is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services across the entire Regulatory Value Chain for Financial Services. Customers representing 5,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint’s RegTech products and services.
We work closely with regulators and as a member of standardization bodies like XBRL consortium, we actively contribute to the process of standard setting. We combine our regulatory expertise with our proven, reliable and future-oriented product suite and expert consulting capabilities as well as training seminars and managed services.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success.