BearingPoint’s growth in Asia continues
Singapore, June 14, 2017 — BearingPoint expands its solution offering for the Asian-Pacific (APAC) region by developing an off-shore country module for Indonesia for their proven tax reporting solution EasyTax. The module enables banks to produce Indonesian tax reports and to provide their Indonesian clients with a service to ease their tax filing duties defined by their tax authority.
Next to off-shore capabilities, the EasyTax application includes the possibility of on-shore tax calculation and reporting capabilities for various modules on the same platform. Based on the tax law applicable to the bank’s domicile, the module enables the calculation of the tax amount to be debited by the bank acting as a paying agent and handles the tax reports required by the corresponding tax authority as well as the appropriate client tax reports.
“With our offices in Singapore, Shanghai and Hong Kong we have direct access to the Asian market and we see an increasing demand for APAC-specific tax reporting modules. Further modules for Australia, China, Hong-Kong, India, Japan, Malaysia, Singapore and New Zealand are of highest priority and are short-listed to be developed upon request”, says Ronald Frey, Partner at BearingPoint Switzerland, responsible for BearingPoint’s global tax software business.
“Following the introduction of the Automated Exchange of Information with its first reporting cycle in 2018 for most countries in APAC as well as Tax Amnesties as we see it in Indonesia we expect significant growth of clients demanding sophisticated tax reporting from financial institutions. Therefore, banks will need to enhance their reporting to include tax information according to the specific requirements of the respective jurisdictions ”, comments Dirk Jaensch, Partner at BearingPoint Singapore.
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. The solution offers a range of country specific reporting modules and services focusing on tax law. 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. The solution produces high quality, jurisdiction-specific tax reports and already covers more than 20 jurisdictions in Africa, Latin America and Europe.
As part of the international tax-reporting platform, the solution includes “Generic” Tax Reporting modules for different capital gain compensation logics as an extension to cover non-country specific tax reporting requirements. In doing so, international clients of “long-tail” jurisdictions can be supported with the required information for their tax statements. The module is able to build transaction chains over corporate actions so that the full transaction history for active holdings is available. This reporting capability supports reporting in any language or currency.