TaxaForm-CTS: Clients’ tax statements
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, Canada, Italy, Germany, Portugal, the Netherlands and Israel. 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.
TaxaForm-US: QI and FATCA reporting
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
- 8966 reports
- FATCA XML electronic delivery file
- XML encryption/decryption tool to communicate with the IRS
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.
TaxaForm-AEI: Automatic Exchange of Information reporting
The module TaxaForm-AEI-CH allows users to produce the forms and electronic files required by the FTA regarding the OECD regulations for the automatic exchange of information (CRS):
- CRS XML electronic delivery file for the FTA
- Clients reports with parameterizable level of detail
- Level 1 – Static information (name, address, country of reporting,…)
- Level 2 – Summary of reported amounts by category (Interest, dividend, other income, sale proceeds and wealth)
- Level 3 – Detail of reported amounts for each category
- Availability of static data encryption (from SQL 2016 SP1)
- Multi-currency reporting
- Possibility to regroup portfolios
- Management of the correction process
Data are extracted from the banking package and CRM. 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.