Tax advisory & compliance services
Challenges
The tax framework in which the banking industry operates is subject to rapid changes with a number of different challenges for the industry. National governments or supranational organisations impose increasing obligations in respect of operational taxes and tax reporting. Challenges from national governments and international institutions to structures located in low tax jurisdictions and aggressive tax planning or pricing structures have increased.
In order to face these industry challenges, direct tax services, VAT services, banking tax services and securities tax services are becoming ever more important areas for banking players.
Deloitte services offering
Deloitte provides companies with a broad range of services to respond to a fast and ever-changing environment:
Direct tax services
- Corporate tax optimisation
- Analysis and review of structured banking transactions
- Assistance in reviewing and confirming tax treatments with Luxembourg tax authorities
- Health check of corporate tax position
- Banking M&A assistance
- Tax consolidation filing assistance
- Operational tax assistance
- EUSD: implementation assistance, health checks, assistance in tax audit, trainings and tax alerts
- Qualified intermediary / FATCA assistance
- Tax reporting assistance on private banking products
- Procedure relating to evolutions on exchange of information in the tax field upon request
- Back office tax efficiency assistance through trainings and process review
- Direct tax compliance
- Prepare/review corporate income tax and net worth tax returns
- Prepare review withholding tax returns
- Specific assistance in connection with tax balance sheet configuration and other tax enclosures
- Direct tax diagnostic reviews and due diligence assistance
- Dedicated direct tax trainings for the bank and tax hotlines
VAT services
- VAT matrix (VAT treatment of the usual transactions performed by a bank)
- VAT engine (design automated reporting processes)
- VAT health checks
- VAT optimisation
- VAT review of the input VAT deduction methodology
- VAT opportunity to set-up an IGP (Independent Group of Persons)
- VAT optimisation for restructuring
- VAT compliance
- Prepare / review returns (periodic / annual VAT returns, EC Sales Lists of goods / services)
- Implement e-filing procedures
- Dedicated VAT training
- VAT hotline
- Dedicated on-site VAT assistance (short-term – long-term secondment)
- VAT opinions and review of agreements from a VAT perspective
Tax services specific to banking integrations and restructurings
- Direct tax and VAT diagnostic review and due diligence processes
- Tax treatment confirmation assistance with Luxembourg tax authorities
- Post integration corporate tax and VAT optimisation
- Tax consolidation filing assistance
- Review of practical transfer pricing tax considerations
- Corporate compliance assistance
- Tax cash flows optimisation
Tax aspects of banking IFRS and other regulatory evolutions
- Diagnostic review of tax implications of switching accounts publication to IFRS
- Tax treatment confirmation assistance with Luxembourg tax authorities
- Training assistance to banks’ accounting departments
- Tax reconciliations assistance
Operational tax efficiency for onshore tax offering
- EU Savings Directive
- Advice on implementation of the updated Directive
- Hotline assistance on application of current and future EU Savings Directive
- Trainings on EU Savings Directive matters
- Health checks
- Tax alerts and newsletters
- FATCA services
- Stakeholder management
- Implementation and training assistance
- Advisory services
- Dialogue with the IRS
- Post-implementation assistance, including health check/agreed upon procedure
- Continuous communications - Tax alerts/newsletters
- Onshore tax reporting for private banking clients
- Assisting banks in their processes to reach tax reporting efficiency
- Testings and review of tax certificates
- Operational tax hotlines
- Banks’ back office tax management optimisation services
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