Fact Sheet | EasyTax – International Reporting for Banking

One Tax Reporting Solution for multiple Jurisdictions

In order to support foreign private clients Due to high annual maintenance costs • Banks in shall be pro- in preparing their statements, associated with the implementation of tected from the increasing inter- many banks in Switzerland, Luxembourg, necessary adjustments driven by numer- national pressure. The banks should Austria and Liechtenstein provide their ous changes in accounting treatment provide their customers with fiscal customers with annual tax reports. The and case law, it is likely that in-house reports on an ongoing basis and not need for high quality tax reports that development is profitable only in excep- only on request. enhance tax honesty, growing political tional cases. pressure, as well as cost issues have • Furthermore, the initiative should driven the development of the solution EasyTax can be used as in-house solution lead to cost savings. Banks should offered by BearingPoint: EasyTax. or as a business outsourcing service invest in a single solution from one from BearingPoint and our outsourcing provider. Production of Offshore Tax Reports partners. United Kingdom The options open to a bank for the pro- duction of tax reports depend on various BearingPoint has started the development factors. The quality demands of the bank EasyTax has continuously evolved for of a new country module ”UK” intended to deter-mine how elaborate the solution German tax reporting since 2002. With to go live for the UK fiscal period 6.4.2011 has to be: the introduction of the flat savings tax – 5.4.2012. The first release of this mod- (“Abgeltungsteuer”) on 1.1.2009, in- ule will be delivered in Q1/2012. • Should the solution be a high quality comes such as interest and as professional tax reporting which also well as private capital gains, are taxed Luxembourg and Switzerland fulfils the relevant legal require- with 25 per cent. Clients with assets With the country modules Switzerland ments? abroad will have to declare their assets and Luxembourg BearingPoint offers the as before on their individual tax state- majority of its customers high quality tax • Or should it be more a simple listing ments. The current EasyTax solution still reports for their clients – on & offshore. of all transactions made by the supports all calculation and reporting investor during the year? requirements back to fiscal year 2002. Generic Report • The sourcing strategy of the bank France, Belgium and the Netherlands As part of the international tax reporting determines whether the application platform, BearingPoint has also improved for the calculation of the reports The Luxembourg banking association the existing “Generic Report” as an option should be supervised by the Bank or ABBL contacted BearingPoint in 2008 with to provide transaction list reports. The by an outsourcing partner. the request to elaborate a concept for idea behind this is to support interna- a tax optimizing solution for Germany, tional clients of other jurisdictions with Some overall banking solutions offer a France, Belgium and the Netherlands. basic information for their tax state- simple tax report. As many banks consider With this initiative ABBL pursues two ments. This reporting capability supports these reports to be insufficiently detailed, objectives: more and more specialized high-quality reporting in any language and currency software solutions are being used for tax required. reporting by the banks.

Fact Sheet To get there. Together.

Helping our clients get sustainable, measurable results

BearingPoint is an independent management and technology consultancy. Owned and operated Leverage of existing Relationships and WM Data Service by its Partners throughout Europe, BearingPoint Functionality provides its clients with the best possible value The use of WM data is imperative for the in terms of tangible, measurable results by The EasyTax International platform calculation of the tax results for German leveraging business and technology expertise. follows the same successful principles tax reporting. WM data are also used for The company currently employs 3,200 people in and features of the former stand-alone the Belgium module. Expanded usage of 15 countries and serves commercial, financial Germany module. The architecture is built WM data is being considered as part of and public services clients. BearingPoint offers its clients a seamless cross-border approach, strong to enable BearingPoint to add further development for all country modules. focus on results, an entrepreneurial culture, jurisdictions and reporting modules in the profound industry and functional knowledge, as future as part of our mid and long-term Contact Information well as solutions customised to clients’ specific product development strategy. needs. The firm ranks high in client satisfaction, Josef Wicki has long-standing relationships with reputable Insourcing/Outsourcing Partner organisations and is seen as a trusted adviser. +41 43 299 7360 BearingPoint has European roots, but operates Besides the classical inhouse operating josef.wicki@ with a global reach. solutions, EasyTax is offered by coopera- bearingpointconsulting.com For more information, please visit: ting business process outsourcing pro- www.bearingpoint.com viders as well as by transaction banks Sven Müller We are BearingPoint. since 2007. Partner +41 43 299 6430 Management & Technology Consultants The architecture and operation processes sven.mueller@ support also centralized shared service bearingpointconsulting.com centers to produce tax reports for multiple legal entities across countries.

1 application, 1 interface and 1 process for all country modules

The concept of the existing interface and operations processes remain in place: EasyTax continues to work on the basis of data feeds to creditors, deposit, assets and banking transactions which are provided through an XML interface. BearingPoint Switzerland AG Banks which have built an EasyTax Pfingstweidstrasse 60 interface for one jurisdiction can easily 8005 Zürich adapt it to the additional requirements of the other country modules. www.bearingpoint.com

© 2011 BearingPoint Switzerland AG, Zürich. All rights reserved. Printed in the EU. The content of this document is subject to copy right (“Urheberrecht”). Changes, cuts, enlargements and amendments, any publication, translation or commercial use for the purpose of trainings by third parties requires the prior written consent of BearingPoint Switzerland AG, Zürich. Any copying for personal use is allowed and only under the condition that this copy right annotation (“Urheberrechtsvermerk”) will be mentioned on the copied documents as well. FC 0636 EN

Fact Sheet