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 75 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.
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 is increasingly difficult for financial institutions. BearingPoint handles this process and makes sure that FiTAX is regularly updated to always provide its clients with a promptly renewed solution.
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.
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.
Reports to authorities:
Reports for clients:
All FiTAX modules share the same user interface named Helios and offer advanced key features:
Each FiTAX module provides many powerful features, such as:
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:
We provide expert consulting services on fiscal reporting. Financial institutions can benefit from:
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.