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 successful 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, China*, Denmark, Finland, France, Germany, Greece, Indonesia, Israel, Italy, Luxembourg, Mexico, Norway, Portugal, Russia*, South Africa, Spain, Sweden, Switzerland (including the electronic format of the “eCH-0196 – E-Steuerauszug”*), The Netherlands, Turkey, UK, US* and US (871(m)).

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

    Next to the country specific reports, EasyTax covers with highly parametrizable generic modules with different compensation logics (FiFO, LIFO, Average etc.) for  “rest of the world”.

    *starting with fiscal year 2019

  • 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. The simulation suite is structured in four levels.

    For the first level 1, the country-specific simulation and in specific the full sale scenario simulation of all positions of the client, it covers the following countries: Australia, Austria, France, Israel, Mexico, Spain, South Africa, Portugal, United Kingdom. In addition, the full sale scenario simulation is also available for the EasyTax generic modules.

    Level 2 to 4 with a graphical user interface for improved user handling, country specific add-ons and better connectivity to banks systems are currently in development.

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

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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