The financial intermediaries who have obtained the status of Qualified Intermediary from the American tax authorities (IRS) have annual reporting obli-gations

Our solution, FiTAX QI, has already been implemented in more than 50 banks in 6 countries (CH, GE, LU, IT, LI, SG).

The data imported from the banking system can then be checked and modified manually, or in an automated way.

The software determines automatically, which reports have to be generated according to the characteristics of the payments, the clients and the entities that produce the reporting.

Reporting process with FiTAX QI

The custodian reconciliation module has been developed to facilitate the job of the Back Office teams of the banks during the reconciliation of the FiTAX data (data of the bank) and those delivered periodically by the custodians concerning the incomes from American securities.

This reconciliation is necessary to corroborate the information sent to the American Tax Administration «IRS» (Internal Revenue Service) and to compare the reporting prepared by the bank and the one sent by the custodians

Reporting process with FiTAX recon

Since January 1st, 2005 the EU member countries exchange information on savings income in the form of interest payments, received by non-resident EU nationals

Benefiting from our experience with FiTAX QI, implemented in more than 50 banks in 4 countries (CH, GE, LU, IT), we offer you our new reporting and reconciliation software that responds to the requests of the Savings Directive.

Reporting process with FiTAX EU

The Foreign Account Tax Compliance Act (FATCA) forces FFIs(Foreign Financial Institutions) to comply with a set of legal reporting requirements initiated by the US tax authorities (Internal Revenue Service).

From 2013, most financial institutions (banks, investment funds,insurance companies) will have toenter into a FFI agreement with the IRS to remain competitive in the market.

For non-participating FFIs, a 30% tax or a calculated “pass-thru payment percentage” will be withheld at source on all received income and sales proceeds for US and non-US clients.

FiTAX-FATCA module features

A full set of reports and functionnalities

• A summary of all reported income, sales and year-end account balances by client
• A detailed list of recalcitrant account holders and non-participating FFIs
• The electronic delivery files linked to the reports described above
• Integrity checks on imported data

FFIs will benefit from

• A yearly update integratig all legal changes
• Our cooperation with an international tax advisory firm to ensure the legal compliance of the software
• The annual test of the electronic reporting files with the IRS

Learn more about FiTAX-FATCA

Two different FiTAX-FATCA versions will be available, one for FFI-QIs and one for FFIs-only. If you want more information about this module, please download the FiTAX-FATCA factsheet