Reporting Solutions

EasyTax

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 20 individual jurisdictions and is successfully used in-house and in outsourcing setups by more than 80 financial institutions 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. BearingPoint has extended EasyTax to include on-shore tax calculation, booking and authority reporting capabilities.

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.

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Concept

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.

Business Applications

Modules

The EasyTax range currently includes the following modules:

Jurisdiction specific reporting modules for Austria, Belgium, Brazil, Chile, Denmark, Finland, France, Germany, Israel, Italy, Luxembourg, Mexico, Netherlands, Norway, Portugal, South Africa, Spain, Sweden, Switzerland and United Kingdom:
  • Coverage of all country specific tax calculation rules for taxation of income, capital gain and wealth
  • Fiscal report layout easily adapted to corporate identity standards of the bank
  • Generation of detailed reports up to single asset level in the portfolio
  • Generation of summary reports with direct references to the official tax forms of the various countries
  • Support of past reporting periods with current releases (e.g. German fiscal reports from 2002 onwards)
  • Simulation of capital gains scenarios (for the UK module)
  • Generation of reports for non-yearly tax periods (e.g. within the FR PONL module on a monthly basis)
Generic reporting modules for other countries:
  • Allows banks to offer a fiscal report service on a broad basis to all international clients
  • Features intelligent transaction listing including identification of transaction chains across corporate actions and zero balance detection
  • Designed to enable clients to reconcile all taxable transactions and to manually calculate the taxable basis for the tax return filing

The following jurisdiction specific reporting modules a currently in development: Brazil, Chile, Mexico and South Africa

Withholding tax calculation modules for the United Kingdom and Austria:
  • Regularization of the past:
  • 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

  • Going forward:
  • Calculation of the tax to be withheld at source

On-shore Modules for France, Luxembourg, Spain, Switzerland and United Kingdom:

  • More and more financilal insitutions are asking for not only the classic client tax reporting but to also cover the full onshore scope including
  • Calculation of tax amounts to be debited by the bank acting as paying agent and
  • The generation of tax reports requested by the tax authorities.

 

Benefits

The advantages:

  • Tried and tested: EasyTax is installed and successfully in production at more than 80 banks (either in-house or via BPO) in Switzerland, Luxembourg and Liechtenstein.
  • Widely available: The software is available for 16 specific country modules (AT, BE, CH, DE, DK, ES, FI, FR, IL, IT, LU, NL, NO, PT, SE, UK), the two withholding tax modules (CH_AT and CH_UK) and 4 generic tax modules.
  • Streamlined: The software is based on a single tax engine, connected with a single interface and operated in a single process. The report generation for multiple jurisdictions is therefore based on the same transaction and instrument data.
  • Connected: Data from external data providers such as WM Data and SIX Financial Information can be fed into the software for direct usage within the tax calculations.
  • Always up-to-date: The software is continuously updated for tax law changes of the jurisdictions covered.
  • High quality: EasyTax provides high quality report services for demanding wealthy clients.

Features

  • Standard interface:
  • Data delivered to be used for all jurisdictions
  • Internal data feed enriched with data from external data providers such as WM Data and SIX Financial Information
     
  • Multi-user/multi-bank concept
  • Extensive error and warning log to enable data corrections and reporting refinement
  • Flexible report design which can be easily individualized by the client
  • Audit trail on data load, edits on data and generated reports
  • Extensive tool box for handling the application without graphical user interface
  • Integration of country specific tax rules
  • Production of tax client reports for the supported jurisdictions

Consulting Services

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.

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