FiTAX EU

BearingPoint developed the FiTAX EU module in reaction to the obligations of the legal reporting linked to the Directive of the European Council (2003/48/EC) on taxation of savings income in the form of interest payments, and also to those linked with the signed agreements between the European Union and third countries on the same subject.

FiTAX EU covers the reports to the authorities and the reports for the clients.

FiTAX EU (since 2005): EUSD reporting to foreign tax authorities.

Based on the logic of FiTAX which is implemented in more than 60 main financial groups, FiTAX EU provides all reports on interest income and withholding tax corresponding to the Directive of the European Council (2003/48/EC) on the part of clients and authorities.

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Concept

FITAX EU Module (EUSD reporting since 2005):

We designed this module in reaction to the obligations of the legal reporting linked to the Directive of the European Council (2003/48/EC) on taxation of savings income in the form of interest payments, and also to those linked with the signed agreements between the European community and third countries on the same subject. FiTAX EU covers the reports to the authorities and the reports for the clients.

Standardized software solutions since 2001

FiTAX is a standard tax-reporting solution built by BearingPoint and evolving since 2001. It covers the QI, EUSD, US FATCA, UK FATCA and CRS/AEOI reporting requirements.

Extensive experience in reporting regulations

One of the main challenges faced by financial institutions is to stay up to date with the ever-changing reporting requirements imposed by the tax authorities, which frequently request evolutions in electronic files and reports. Monitoring and implementing changes both punctually and reliably are becoming significant issues for financial institutions. FiTAX is handling the whole process and is regularly updated to comply with these evolutions in the interest of our clients.

This approach has proven to be a cost-effective solution by lightening the burden of reporting for financial institutions, thus allowing them to focus on their core activities.

Close collaboration with a Big 4 firm

Since 2001, BearingPoint has been working closely with a Big 4 firm. It provides assistance with all reporting topics and advice on how to interpret tax laws in order to implement the necessary reports/features.

This initiative is part of how BearingPoint strives to provide real value-adding, high-quality reporting software.

Business Applications

Scalability for global deployment

FiTAX is scalable to serve global financial institutions as well as local entities. An increasing number of financial institutions are applying a hub-based implementation of FiTAX. It means that most entities report centrally, while others do so locally in each entity. FiTAX supports both approaches.

 

Benefits

  • Consistent: Standardized and automated reporting solution.
  • Streamlined: Single and standardized tax-reporting tool, connected with a user-friendly and powerful user-interface.
  • Always up-to-date: Continuously updated for tax law changes
  • Reliable: More than 60 financial groups, producing reports of about 2000 FFIs, are currently using FiTAX in more than 80 countries over the world.
  • Adaptable: Suitable to any business – from small/medium Financial Institutions to large financial groups and service providers working with hundreds of legal entities.
  • Flexible implementation: Hub-based implementations can be combined with localized deployments.

A user-friendly, powerful and multilingual interface

Reports to authorities:

  • Statements on interest income and withholding tax, sorted by country (withholding tax)
  • Electronic file of revenues from interests, sorted by revenue type and country (exchange of information)

Reports for clients:

  • Tax statements on withholding tax on interest income (withholding tax); the client will have the possibility to demand a tax credit in his return, equal to the amount of the withholding tax
  • Statement on interest income that has been transmitted to the tax authorities

Internal reports:

  • Exception and reconciliation reports (Tax, client status, …)

All FiTAX modules share the same user interface named Helios and offer advanced key features:

  • Advanced roles and security administration
  • Integrated workflows management and 4-eyes validation
  • Advanced frames, grids and views
  • Figure analysis/business intelligence (BI) and management reporting (KPIs)
  • Archiving, backup, audits and logs managements

Each FiTAX module provides many powerful features, such as:

  • Scalability, multi-entity & multi-business areas
  • Thousand of data-quality controls and integrity checks
  • Fully customizable and multilingual client reports
  • Data encryption, Correction and Consolidation functions
  • Manual and/or automated ETL processes, including Referential/Mapping features

Thanks to its strong scalability, FiTAX can be implemented at small/medium financial institutions, as well as in large financial groups. The key elements about the implementation:

  • Fast and straightforward deployment
  • Reduced implementation and maintenance costs
  • Centralized (hub) and/or decentralized architectures
  • Existing standard data interfaces with some core systems
  • Assistance of BearingPoint’s experts

Consulting Services

We provide expert consulting services on fiscal reporting. Financial institutions can benefit from:

  • Efficient implementation processes
  • Coordinated planning thanks to continuous release management
  • Know-how transfer from our experts to your employees

We provide consulting services independently of technology suppliers and products. In order to support our 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.

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