As banks’ clients have many assets all over the world, their request for tax reports has increased. Clients are looking for highly sophisticated tax reporting from an increasing number of tax jurisdictions, and financial institutions need to meet their clients’ increasing demands. While providing on-shore related tax reports and bookings is a standard service for banks, producing off-shore reports can be a challenge.

EasyTax helps financial institutions in the calculation, the reporting and the booking of taxes for many different jurisdictions. Our standard software enables banks to produce country-specific off-shore tax reports. This enables them to provide their off-shore clients with a service to ease the burden of their tax filing duties and support private clients with their tax statement submissions. With regards to on-shore requirements, EasyTax generates real-time tax calculation results and bookings for more and more countries.

EasyTax is a standard solution for client tax reporting and has been in productive use at various clients such as private/wealth management banks, family offices and banking package providers, among others, for more than 15 years. More than 90 financial institutions worldwide already produce tax reports for their clients with EasyTax.

Why EasyTax is the right choice

Key features

  • EasyTax is a standard software that offers high performance.
  • The use of one interface, one system, and one process results in reduced operating and maintenance costs.
  • Working with a single tax reporting platform that includes all tax logics will reduce operating costs (off-/on-shore).
  • EasyTax is a market-leading solution for off-shore tax reporting in Switzerland; the platform will be extended to also include on-shore capabilities.
  • A track record of more than 15 years and a very experienced team with deep market know-how.
  • With several releases during the year, our clients receive timely updates to have the opportunity for continuous alignment with current tax calculation.
  • Diverse service offerings around external data (WM, SIX) and outsourcing.

Demand for high-quality tax reporting services for clients from an increasing number of different tax jurisdictions is growing in many of the most prominent financial off-shore centers. Tax transparency has become a reality. Sophisticated client tax reporting is about to become an essential service and a factor of differentiation for financial institutions such as banks, asset managers, family offices and trusts.

Ronald Frey, Chief Product Officer RegTech at BearingPoint, January 2019

EasyTax currently offers the following modules

  • Off-shore Reporting

    More and more banks are providing international customers with the appropriate tax reports to support private clients with their tax statement submissions. Although this need was initially driven by client requests, the current demand for high-quality tax reports is rapidly growing due to increased political pressure, newly established tax amnesties and initiatives such as the Automatic Exchange of Information (AEOI).

    The off-shore module currently covers the following countries: Argentina, Australia, Austria, Belgium, Brazil, Chile, Denmark, Finland, France, Germany, Greece, Indonesia, Israel, Italy, Luxembourg, Mexico, Norway, Portugal, South Africa, Spain, Sweden, Switzerland, The Netherlands, Turkey, UK, USA (871(m)).

    Based on our current findings, the following countries have been short listed for planning and development to meet a significant demand: China, India, Russia and the USA.

  • On-shore Reporting

    The on-shore reporting module includes on-shore tax calculation, booking and authority reporting capabilities. Based on the applicable tax law for a bank’s country of domicile, the module handles the required tax filing for the tax authorities and the client’s tax and facilitates a withdrawal of the calculated tax amount, with the bank acting as the paying agent.

    The on-shore module covers the following countries: France and Spain (in full) and Australia, Luxembourg, Switzerland, The Netherlands, UK (client reporting solution only).

  • EasyTax simulation suite

    The EasyTax simulation suite offers tax simulation functionalities and helps bank clients to make even better investment decisions. The performance of investment portfolios is greatly influenced by taxes; a high pre-tax profit may be highly reduced by the specific income and capital-gain tax regimes of an investor’s home country. It covers the following countries: Argentina, Australia, Austria, Belgium, Brazil, Chile, France, Germany, Italy, Poland, Spain, Sweden and The Netherlands

EasyTax is a software for both off- and on-shore booked client calculation / booking and reporting. It is based on a classic three-tier architecture (data base, application server and web client) and supports MS SQL, Oracle and PostgreSQL. EasyTax can be performed on different application servers such as Wildfly (formerly named JBOSS), Weblogic, WebSphere, Tomcat and JAP and users can access EasyTax via the Internet Explorer and an extensive command line-based tool box.

EasyTax supports interfaces to core banking systems as well as to external tax data providers. Based on the delivered tax data and our Big4 tax concepts, the tax client reports can be quickly generated via the GUI (graphical user interface) or using the EasyTax tools - up to several thousands of tax reports per hour.

Functional aspects

  • High number of covered jurisdictions
  • On- and off-shore tax calculation, booking, reporting
  • Country-specific, high-quality client & authority tax reports
  • Extensive tax rules coverage based on Big4 concepts
    • Income (dividends and interest)
    • Capital gains/losses
    • Wealth tax
    • other
  • Simulation features as part of our Tax Simulation Suite
  • Extensive coverage of transaction types and Instrument types and related tax rules for each jurisdiction
  • External data support to enrich client’s data
  • Maintenance covers
    • Yearly regulatory updates for each jurisdiction
    • Hotline / Support by our EasyTax experts

Technical aspects

  • State-of-the-art architecture
  • Support of various application and database servers
  • Flexible report design using word-xml
  • Real-time processing with MQ Series interface

Key principles and additional functionalities

All modules of the EasyTax international platform follow the same principles and features. Therefore, they provide a common scope for both instruments and transactions, but with jurisdiction-specific treatment and calculation rules. As part of the international tax-reporting platform, the “Generic Report” offers an extension for non-country-specific tax reporting. In doing so, international clients of “longtail” jurisdictions can be supported with the required information for their tax statements. This reporting capability enables reporting in any language or currency.

In addition to the country tax modules, BearingPoint provides a wide range of additional software features to enhance the usage of EasyTax and to leverage the quality of tax reporting, such as:

  • Fiscal report layout easily adapted to the corporate identity standards of the bank.
  • Generation of detailed reports up to the individual 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.
  • "Move Position" feature for almost all modules to support the internal bank security transfer in transferring the country-specific acquisition costs from one deposit to another.
  • Balance features.
  • Generation of reports for non-yearly tax periods (e.g. within the FR PONL module on a monthly basis).

Interested? Get in touch!

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Ansbacher (Bahamas) Limited's competitive advantage is dependent on our ability to deliver the very best in products and service solutions to our clients. Our relationship with BearingPoint and the use of its EasyTax solution is indicative of our commitment to high quality solutions that help to manage and protect our clients' wealth.

Sandro Lardi, Head Information Technology at Ansbacher (Bahamas) Limited, February 2018

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