Tax reporting for funds - Tax services

Challenges

Cross-distribution imposes various complex tax reporting considerably amended during the last years.

Product features should be aligned by minimising costs and encouraging synergies.

That is why Deloitte has put in place an ambitious worldwide tax solution allowing efficiency and clear economies of scale.

Deloitte services offering

Management and coordination of your worldwide annual tax duties:

Germany: compilation and the certification of tax figures according to sec. 5 par. 1 no. 1, 2 and 3 German Investment Tax Act (GITA)

• Compilation of the tax relevant information (DDI) in the according to sec. 5 par. 1 no. 1 and no. 2 GITA
• Certification according to the provisions of sec. 5 par. 1 no. 3 GITA confirming that the tax relevant are in accordance to sec. 5 par. 1 no. 1 and no. 2 GITA met the relevant provisions of the German Tax Act
• Compilation, review and sent of the relevant WM-Factsheets to WM-Datenservice for publication within the WM-Database
• Publication of the tax relevant information in the German Electronic Federal Gazette in order to meet the publication requirements according to sec. 5 par 1 no. 3 GITA
• Assistance for any subsequent correspondence and enquiries from the German Federal Central Tax Office (“Bundeszentralamt für Steuern”) or WM-Daten Services
• Assistance on the planning and execution of fund mergers considered as “tax neutral” for German tax purposes

Austria: compilation and the certification of the annual tax reporting for the white and extra white fund status

• Compilation of the tax relevant information the Austrian deemed distributed income according to 40 para 2 no 2 of the Austrian InvFG
• Coordination of the annual tax representation for the white (and extra white) fund status in Austria
• Deloitte Austria (Exinger) acts as tax representative of the different investment funds which will report interest and KESt (Austrian withholding tax) to the Austrian Supervision Bank (Österreichische Kontrollbank, OeKB)
• Publication of the certified Austrian deemed distributed income (and the preparation of the relevant CSV files)
• Assistance for any subsequent correspondence and enquiries from the Austrian Federal Ministry of finance (“Bundesministerium für Finanzen”) or the OeKB

United Kingdom: compilation, review and application for the UK tax regime according to UK tax aspects of the Offshore Funds Legislation

• Preparation and submission of the initial application for the UK reporting funds status
• Compilation of the United Kingdom Equivalent Profits (or United Kingdom Reportable Income) calculations
• Review by Deloitte London of the annual tax figures to provide to HMRC and to participants, preparation and submission of the annual application to HMRC
• Assistance for the prospectus update and the setup of the reporting to participants
• Assistance for any subsequent correspondence and enquiries with the UK tax authorities (HMRC)

Switzerland: compilation and review of tax figures according to Circular no. 24 or Circular no. 25

• Compilation of the taxable net investment income per share according to Circular no. 24 or Circular no. 25
• Review by Deloitte Zurich of the tax relevant information and the data to provide with the list HB
• Preparation of the relevant information which has to be made available to the investors as well as the ESTV
• Assistance for any subsequent correspondence and enquiries with the Swiss tax authorities (FTA)

United States: compilation and review of pro-rata share of ordinary earnings according section 1293(e) of the code with US income tax principles

• Compilation and review of pro-rata share of ordinary earnings for Passive Foreign Investment Company (PFIC) according section 1293(e) of the code with US income tax principles
• Review of the of the Qualified Electing Fund (QEF) tax reporting to provide to IRS
• Assistance for any subsequent correspondence and enquiries with the Internal Revenue Service of United States Department of the Treasury (IRS)

Our tailor made services for daily and annual tax reporting: (Germany, Austria, EUSD, etc.)

• Assistance, review and optimisation of the implementation of an appropriate system to determine daily tax figures (Germany, Austria, EUSD, etc.)
• Definition of functional specifications (German tax, Austrian tax, European Savings Directive) in cooperation with our fiscal experts
• Definition and setting-up of robust controls
• Review and identification of the key current risk factors and describe the risk related to each activity and drivers involved
• Independent review of the daily tax reporting over a large period (IP, AKG, KESt, TIS, NII)
• Independent recalculation of the daily tax figures
• Training and workshops

Looking for tax advice? (FATCA services, tax reporting for private banking clients, withholding tax, tax matrix, UCITS IV, Sharia’a funds, real estate funds, pension pooling,...) please visit the “Tax advisory & compliance services” section.