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Tax reporting for private clients

A private banking point of view

Tax reporting for international private banking clients is gaining importance

Financial institutions offer accounts to individuals who may be resident in various jurisdictions all over the world. Any income generated by these accounts is usually subject to tax in the home country of the investor and should therefore be declared in the local tax returns of these individuals. Financial institutions can provide a dedicated tax reporting service to help their clients fulfill their tax obligations.

The on-shore banking evolution makes tax reporting an essential tool for institutions to defend their market position and continue to grow.

Tax reporting should be prepared in accordance with the different fiscal requirements applicable in the home country of a particular investor. Deloitte can help you manage the reporting challenges arising as a result of the changing needs of your clients.

Who is impacted?

Any financial institution with non resident clients.

Which solutions exist?

A wide range of tax reporting approaches can be chosen depending on the volumes of reports to be produced. Solutions can range from manual production of tax reports for small volumes, to the development of an internal automated solution for a reduced number of customer jurisdictions, to the selection of a tax reporting package or to the outsourcing of tax reporting to a third party.

Tax reporting process?

Tax reporting process

Take action now - Will tax reporting services be your asset or the absence of tax reporting services your liability?

Don’t wait until your competitors offer effective tax reporting to their clients to begin building your own service offering. By setting-up a proper tax reporting approach and solution now, your organisation will be armed to meet the expections of your current and future private clients.

Deloitte services offering

Multidisciplinary teams are ready to serve you

Deloitte has extensive experience in all areas related to the setting-up and management of tax reporting. We have a team of highly skilled professionals composed of:

  • Tax experts from our Luxembourg GFSI tax team and through the Deloitte network in the investors’ countries of residence
  • IT experts
  • Professionals familiar with the various banking systems run by financial institutions.

Out of this pool of experts, Deloitte will set up a multidisciplinary team dedicated to help you to master the challenges of tax reporting for private banking clients.

Areas where Deloitte can help you

Definition of your target operating tax reporting model

  • Assist you in defining the approach that will best meet your needs and fit in with your IT platform
  • Design the target operating tax reporting model that will best support your private banking evolution and client needs

Selection and set-up of your tax reporting technological solution

  • Select the solution that will best address your business and technological requirements
  • Implement and customise chosen tax reporting tools and systems

Building in-house tax excellence with Deloitte

Be aware on your customer tax requirement evolutions and focus on investor relationships:

  • Bespoke tax training sessions
  • Follow-up of developments in the tax law of various jurisdictions
  • Tax updates you with regular newsletters
  • Helpdesk support

Outsourcing of tax reporting production

Deloitte offers comprehensive outsourcing solutions tailored to the needs of individual banks. Outsourcing may also be combined with one or all of the other alternatives already presented.

You can expand customer service offering by staying concentrated on your core competencies. Benefits include:

  • Outsourced income statement compilation and generation via simplified implementation
  • Identification of assets and completion of mandatory data fields
  • Customised customer statements: Preparation of tax reports (reporting components and layout according to implementation; hand-over in PDF, PS or Word-XML format)
  • Reduced time to market for tax jurisdictions for which institutions may not have the necessary skills.

Deloitte provides tax reporting services for numerous banks in Switzerland, Liechtenstein and Luxembourg. The solution can be adapted for each banking platform individually. Efficient data integration is a key focus point of our service. Our experienced resources ensure continuous support throughout the process.

Why externalising customer tax reporting production?

Why externalizing tax reporting

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