EasyTax: One Software Solution for Multiple Tax Jurisdictions
Estimated Reading Time: 4 minutes
Tax reporting and compliance is becoming an ever more complex undertaking for financial institutions. On 2nd November 2016, Marcus Evans Webinars partnered with renowned business consulting firm BearingPoint to discuss the growing requirement for banks to report tax effectively across multiple jurisdictions. Confounding this requirement is a steady trend towards the centralisation of financial functions. In our webinar, BearingPoint demonstrate why EasyTax, their all-in-one tax calculation & reporting software solution for domestic and international clients, is the number one option for banks and wealth managers looking to consolidate their tax reporting in to one central, intuitive web-based system.
The recent push for countries to commit to transparent tax reporting under the OECD’s Common Reporting Standard has produced a new challenge for banking institutions — how can a bank’s obligations to its clients and local authorities for country-specific tax reporting be smoothly integrated into their day-to-day financial functions, which are themselves becoming ever more centralised?
Joining us from BearingPoint we were fortunate to have Ronald Frey, Ronald joined BearingPoint in 1998 and now serves as Partner on the EasyTax product. Also, Dr. Mathias Wegner, a risk management expert with years of experience in advising clients on risk across Europe who now acts as Product Manager for EasyTax. Lastly, we had Stefan Fuchs present to give a live demo of EasyTax to our viewers; Stefan is a tax business expert within the EasyTax team who previously worked as a business analyst in the tax reporting team of a global Swiss bank.
Starting off, Ronald Frey discussed the current global trends being seen in tax reporting by arguing that trends are “currently going in the direction of giving country-specific tax reports” to clients, particularly those clients considered to be of particular significance to the bank or those situated within high value markets.
On country-specific tax reporting: “…the banks we talk to see this as a must [and] as a competitive advantage to have the data and such tools available” (Ronald Frey)
Indeed, Ronald shared that the banks with which BearingPoint have spoken to now view country-specific tax reporting “as a must [and] as a competitive advantage to have the data and such tools available”. Ronald noted that this capability was one which banks viewed as a desirable way to provide a first-class, tailored service to their most valuable clients.
Also discussed were the current trends in tax reporting strategies amongst financial institutions, particularly concerning in-sourcing vs. out-sourcing. Again, Ronald outlined a tendency to prioritise this decision based upon the importance of the client and the value of the particular market concerned in any given case. Ronald confirmed that EasyTax is currently used as both an in-house solution by over 80 banks across the globe in conjunction with BearingPoint’s business process outsourcing partners — which include Deloitte.
On EasyTax in a nutshell: “A single platform for both off and on-shore tax calculation, booking and reporting” (Stefan Fuchs)
Later in the webinar, Dr. Mathias Wegner was able to provide an in-depth overview of the EasyTax product. Dr. Wegner told us how EasyTax has already demonstrated its indispensable nature to many of the world’s leading financial institutions, with “50% of the top private and wealth management banks using EasyTax for tax reporting” along with approximately 2,500 institutions currently using BearingPoint tax reporting solutions.
In essence, BearingPoint’s EasyTax solution comes down to 3 key value propositions:
- A single on and off-shore tax engine
2. Global coverage
3. Ability to leverage Deloitte partnership for outsourcing
For a more detailed look at the EasyTax solution, information on EasyTax’s options for licensing, as well as a live demo of EasyTax in action, be sure to download the webinar today to see first-hand the value and ease that BearingPoint can bring to your institution’s country-specific tax reporting functions.
Thomas Bannister
Intern
Marcus Evans
101 Finsbury Pavement,
London, EC2A 1RS
