Solutions SaveTax

Fiscal reporting

Our solution

SaveTax processes all your fiscal information in the same solution and calculates the taxable amounts to generate fiscal reporting.

Indeed, based on the aspects of wealth that determine income tax, that is realized profits, as well as income and losses, SaveTax calculates and generates in a clear and transparent manner the fiscal statements and\or summaries that make the preparation of tax returns easy.

Depending on your customers’ country of tax residence, there are different tax statements available that apply local tax laws to the pertinent wealth data.

Your benefits

Benefits for banking institutions are:
Reduction in the time it takes to check tax data,
Strategic position of tax data in financial communications,
Improvement in internal control,
Simplified production and automation of tax statements,
Monitoring of fiscal rules,
Easy integration into the infrastructure of the bank,
Checking of affect of a tax system on the bank’s IT system,
Determination of the specific data required for processing in one or more tax systems,
Modular presentation of fiscal law in one or more countries.

Your tax reports

The reports available in SaveTax’s country modules enable you to satisfy the fiscal requirements of your clients’ country of residence.

Each of SaveTax’s fiscal country modules allows you to calculate and establish the justificatory reports according to the current fiscal rules of your clients’ country of residence.

The fiscal elements presented in the justificatory reports are determined according to the fiscal requirements of the country of residence. The list of elements is as follows: summary, list of the fiscal rates, securities held, debt inventory, deductible fees, additional withholdings, taxable income, foreign income, capital gains and losses, etc.

In certain cases, depending on the requirements of the fiscal authorities of the country of residence, the fiscal country module calculates and establishes the official reports and documentary evidence.

Optionally, the generic module calculates and establishes documentary evidence with the following elements: wealth, income, capital gains and losses, debts and fees.

Tax Reclaim

The TaxReclaim module is aimed at financial institutions that wish to enable their customers to reclaim the taxes deducted at source.

Context

Tax reclaiming can be compared to the conventions of double taxation.

The conventions of double taxation are conventions signed between two states to avoid the double levy of income. It works as follows: when income is paid from a security to a beneficiary resident in a different state from the country of issue of the security, then the double taxation convention must be applied, if there is one. If there is no double taxation convention signed between the country of issue of the security and the client’s country of fiscal residence, the fiscal rules of the country of issue and the fiscal rules of the country of residence of the beneficiary both apply (hence the notion of double taxation).

Challenge

Studies show that a not insignificant share of taxes deducted at source on foreign income is not reclaimed.

The non-recovery of taxes deducted at source by payment agencies can be explained by two factors:

Generally speaking, individual investors are ignorant of the fact that a part of this tax is recoverable according to the current conventions of double taxation (CDT) between the States,

As for the financial institutions themselves, they seldom offer a tax recovery service to their clients for reasons of cost (laborious process, specific knowledge of the various tax regimes necessary, and large infrastructure investment).

Solution

SaveTax, with its TaxReclaim module, allows you to automate the process of tax recovery.

By automating tax recovery, we mean:

Calculation of the applicable rates or use of the amounts calculated by the central system:

Tax deducted at source
Recoverable part
Extra tax withheld

Automatic evaluation of the official forms sent to the fiscal authorities,

Production of justification which is linked to each official report.

"Tax calculation and reporting"

... Centralized tax intelligence

Context

Challenge

Solution

SOFGEN SaveTax

Solutions