Launch of Deloitte Tax Reporting Services AG - 15/06/2012DOWNLOAD
Through its recently created Deloitte Tax Reporting Services AG located in Switzerland, Deloitte Luxembourg reinforces its service offering dedicated to tax reporting for non-resident private clients of financial institutions: the new Swiss entity offers a comprehensive business process outsourcing service in order for banks to meet the requirements of the final withholding tax regulation coming into force on 1 January 2013, resulting from the so-called ‘Rubik agreements’.
The ‘Rubik agreements’ between Switzerland and Germany, Switzerland and the United Kingdom and Switzerland and Austria, specify the treatment of previously untaxed assets as well as the taxation of future investment income, thus securing tax revenues for the three countries while safeguarding the privacy of bank clients.
This new regulation, however, has a huge impact on the IT and business processes of financial institutions and short deadlines have added to the pressure.
In order for financial institutions to be able to comply with these requirements, Deloitte takes over the calculation of withholding tax amounts or, alternatively, produces the tax reports necessary for clients who elect to self-declare. Maintenance of IT platform and follow-up of changes in tax regulation will also be provided by Deloitte, freeing up time and resources for banks.
According to Olivier Maréchal, Advisory & Consulting Partner and Banking Industry Leader at Deloitte Luxembourg, this service is a logical addition to Deloitte's existing tax reporting services and offers financial institutions a complete solution for their offshore clients.