BearingPoint together with Asian Private Banker launched a report that offers the most innovative and comprehensive study on the client tax reporting services of private banks and wealth managers in Asia. At an exclusive C-level event in Singapore in April, Asian Private Banker, the region’s largest and best-connected bureau of journalists and researchers and management and technology consultancy BearingPoint, published the results of the research project seeking to explore the challenging topic of client tax reporting in Asia’s private banking and wealth management industry.
According to the report – "Client Tax Reporting 2019" – 97% of survey participants predict an exceptional increase of demand and investment for client tax reporting globally. Client tax reporting has not been a priority for local banks so far, and it is not a core function of a private bank, but there is a growing demand for country-specific reports coming from clients and the banks have to react to these changes. Two-thirds confirm that they will increase their own investment in additional client tax reporting services within the next 12 months.
Our research showed that European and American banks are currently ahead of the curve in terms of tax reporting, which was also acknowledged by our luncheon participants. As global provider of regulatory technology and market-leading provider of tax reporting solutions in Europe and Americas, our clients can benefit from the extensive expertise of an experienced team and numerous projects in the field of tax reporting. Thanks to our EasyTax solution, financial institutions can address the increasing need in client tax reporting. EasyTax has been in productive use at various clients for more than 15 years.
Dirk Jaensch, Partner at BearingPoint Singapore