The module TaxaForm-CTS allows users to produce multilingual clients’ tax statements whose structure and calculation rules are depending on the tax residence of the client. Currently, specific calculation rules have been implemented for United Kingdom, USA, Spain, Belgium, Switzerland, France, South Africa and Canada. Other countries can be added on demand and it is always possible to produce a generic report.

The module uses data extracted from the banking package and delivered by the Bank about clients, beneficial owners, income, securities movements and corporate actions, fees, wealth securities, wealth contracts, wealth accounts and wealth liabilities.

The system computes realized capital gains and losses and processes all corporate actions happening during the lifecycle of the security according to the standard calculation methods (FIFO, average or LIFO).

The tax statements are made of the following parts, to choose from, depending on the tax residence of the client:

  • Income
  • Capital gains/losses
  • Fees and paid interests
  • Wealth : Accounts, securities, liabilities, contracts
  • Summary
  • Cover page

Tax statements can be produced at the beneficial owner’s level.

The user can preview the tax statements through the user interface. If authorized, he can access the data source tables, the templates definition and the translation dictionary. Data can be modified through the user interface. An audit trail is created for manual changes.

Data integrity checks can be processed.

The tax statements are multilingual (latin alphabet) and customizable (colours, columns, headers). Statements are generated on demand or on mass production ( .pdf format).

If historical data have been extracted, it is possible to produce tax statements from 2002 using the calculation rules which were valid at the implementation time of the country rules.

The module TaxaForm-US allows users to produce the forms and electronic files required by the IRS regarding the QI and FATCA regulations:

  • 1042-S reports (income of non US clients)
  • Annual return 1042
  • 1099-INT, 1099-DIV, 1099-B, 1099-OID reports (income and sale proceeds of US clients)
  • 945 report (backup withholding)
  • Cost basis and wash sales for the reporting 1099-B
  • Electronic delivery files 1042-S and 1099
  • Possibility to split the reporting at beneficial owners level (Flow through entities, joint accounts)
  • Management of the correction process
  • Other reports or electronic delivery files required by the FATCA regulation (8966 report)

Data are extracted from the banking package and cost basis processed through the module TaxaForm-CTS. TaxaForm transforms and loads the data according to its database model.

Data integrity checks can be processed and data can be modified through the user interface. An audit trail is created for manual changes.

The module TaxaForm-US allows the Bank to reconcile its reporting with the reporting of its custodians (QI with secondary status). An automatic matching system based on different criteria identifies the discrepancies between the Bank and the custodians reporting. Differences can be corrected or simply commented by the user. This reconciliation is necessary to provide the evidence supporting the tax amount withheld by the custodians of the Bank.

The module TaxaForm-EU allows the user to produce the legal and client forms and electronic delivery file required by the EU savings directive:

  • Form 150.qdf for the withholding tax
  • Electronic delivery file for the clients in exchange of information (+ forms 151.qdf)
  • Correction process for clients in exchange of information
  • Annual statement for clients in withholding tax
  • Annual statement for clients in exchange of information

The module TaxaForm-EU allows to reconcile tax amounts recorded on the Bank’s internal accounts with the clients’ income and securities movements.

Data integrity checks can be processed and data can be modified through the user interface. An audit trail is created for manual changes.

The module TaxaForm-RBK « Advanced » allows the Bank to calculate the GB withholding tax and to produce forms, statements and electronic delivery files required by the AFC directive :
  •  Import of data extracted from the banking package (income, securities movements) for GB clients and Telekurs information for RBK delivered by the Bank
  • Based on delivered information, classification of instruments for taxation
  • Calculation of capital gains and losses for GB according to the directive (ex: bed and breakfasting rule,…)
  • Withholding tax calculation on income and capital gains taking into account other withholding taxes at source (CH tax, EU tax,…) and split by beneficial owner
  • Availability of the calculated withholding tax for import in the banking package
  • Reporting  according to the requirements of the AFC directive
    • Quarterly form for withholding tax
    • Periodic form to reclaim the CH tax
    • Annual statement for clients with withholding tax status
    • Annual form of voluntary disclosure to the AFC
    • Annual statement for clients in voluntary disclosure

Reports can be produced on demand or mass produced.

TaxaForm Sàrl
Route de Gimel 3e
1185 Mont-sur-Rolle
Switzerland


  • Tel: +41 21 825 52 52
  • Fax: +41 21 825 52 52
  • www.taxaform.com