The BearingPoint EasyTax standard software solution makes it easy for banks to calculate withholding taxes and produce fiscal reports for clients.
Given the growing pressure on your clients to be tax transparent in their home countries, you need to meet their increasing demands for fiscal reports. This allows clients to easily file their tax returns with the relevant information on income from interest and dividends and capital gains on wealth. While producing on-shore reports is a standard service for banks, producing off-shore reports can be a challenge.
We can help with EasyTax, which covers 12 individual jurisdictions and is successfully used in-house and in outsourcing setups by over 80 banks in multiple countries.
Many countries, such as Germany, Austria, Belgium, France and Spain, have started to introduce taxation at source (withholding tax). As we have implemented the requirements of the Swiss final withholding tax agreements with the United Kingdom and Austria, you can now use EasyTax to calculate tax at source as part of the end-of-day processing for that type of agreements. After the calculation, tax booking records are transmitted to the bank’s core system. Currently, we are in the development to introduce onshore jurisdiction specific calculation functionalities together with the capability to produce the relevant authority reports.
As part of our standard maintenance service, we provide updates in line with changing taxation laws backed up by Big 4 taxation concepts. With several releases during the year, you will receive timely updates to ensure continuous alignment with tax calculation rules.
EasyTax is based on a classic three-tier architecture: data base, application server and web client. Both MS SQL and Oracle, are supported. EasyTax can be performed on different application servers, such as Wildfly (formerly named JBOSS), Weblogic, WebSphere and JAP. Users can access EasyTax via Internet Explorer and an extensive command line based tool box.
EasyTax supports interfaces to core banking systems as well as to tax data providers. Based on the delivered tax data and our BIG4 tax concepts, the tax client reports can be quickly generated via a GUI (graphical user interface) or using the EasyTax tools – in well under one minute for one tax report.
We provide EasyTax to a range of clients including private & wealth management banks, family offices, retail banks, banking package providers and tax reporting service providers.
We continuously analyze regulatory changes, either directly or via our Big 4 tax partners. All you or the software companies managing your banking systems have to do is adapt the interface. As little as possible is changed in order to keep costs to a minimum and to allow you to reuse data for different reports at the same time. The same consistent data is used in all reports for the different jurisdictions. As a result, once you have delivered data for one jurisdiction, just a few data fields need to be added to cover the next jurisdiction.
The EasyTax range currently includes the following modules:
The following jurisdiction specific reporting modules a currently in development: Brazil, Chile, Mexico and South Africa
Calculation of one-off tax charge as per defined formula covering 10 years of history
Production of tax booking records for the one-off tax charge and production of reports to the tax authorities and clients
Calculation of the tax to be withheld at source
Onshore Modules for France and Spain currently in development (available starting with 2017):
We also provide consulting services independently of technology suppliers and products. To support clients with the best technology solutions in the marketplace, we have built an alliance program that allows us to work with some of the leading technology companies. We focus on developing of joint solutions, training and integration strategies that support your long-term success.