Tax reporting for funds - Tax services

Your challenges

Cross-border distribution imposes various complex tax reporting considerably amended during the last years. Strong reactivity to fulfill the regulatory requirements and its constant evolution is essential.

Product features should be aligned by minimising costs and encouraging synergies. Knowledge of local market is very important before starting distribution in any country.

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

Deloitte tax reporting services offering

Our philosophy

We pride ourselves as a “one-stop-shop” service provider whose offerings are able to support your business and products from the very start of their life cycle until their end.

For your business, this means:

• Only one contact point for the resolution of all issues for all domiciles (Switzerland, Luxembourg, Ireland and Cayman Islands) and all taxes (Swiss, German, Austrian and UK);
• Benefit from synergies;
• Benefit from economies of scale; and, as a result: an effective and efficient service proposal at an attractive budget.

Management and coordination of your worldwide annual tax duties

Germany: compilation and/or 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 according to sec. 5 par. 1 no. 1 and no. 2 German Investment Tax Act (GITA)
• Review of the annual tax relevant information according to sec. 5 par. 1 no. 1 and 2 GITA based on the offsetting and reconciliation (“Überleitungsrechnung”) for German tax purposes which TCW respectively the Fund Administrator will provide to Deloitte
• Certification according to the provisions of sec. 5 par. 1 no. 3 GITA confirming that the tax relevant figures according to sec. 5 par. 1 no. 1 and no. 2 GITA have been compiled in conformity with the relevant provisions of the German Tax laws
• Compilation and review of the relevant WM-Factsheets and sending 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/or the certification of the annual tax reporting for the white and extra white fund status

• Coordination of the annual Tax representation for the extra white fund status in Austria;
• Compilation of the tax relevant information for the calculation of  the Austrian deemed distributed income performed by Deloitte Tax Wirtschaftsprüfungs GmbH acting as Austrian Tax Representative ;
• According to the Austrian Individual Income Tax Act (Art 95 para 2), Deloitte Tax Wirtschaftsprüfungs GmbH acting as Austrian Tax Representative of extra white funds is liable for the correctness of the calculation of the annual deemed distributed amounts. The calculation of the annual deemed distributed amounts is based on the figures of the audited annual reports of the relevant Funds;
• Reporting of the annual tax figures to the Austrian Ministry of Finance and preparation of the CSV file for DDI reporting to be sent by the Funds to the OeKB is efffected by Deloitte Tax Wirtschaftsprüfungs GmbH acting as Austrian Tax Representative ;
• Assistance for any subsequent correspondence and enquiries from the Austrian Federal Ministry of Finance (“Bundesministerium für Finanzen”) or the OeKB will be completed by Deloitte Tax Wirtschaftsprüfungs GmbH acting as Austrian Tax Representative.

United Kingdom: compilation and/or 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/or 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)

Italy: compilation and/or review of asset test in accordance to Decree of the Italian Ministry of Economy and Finance dated 16 December 2011

• Compilation and review of the Italian tax relevant information for the recognition of income subject to 12.5% is provided to you in accordance to Decree of the Italian Ministry of Economy and Finance dated 16 December 2011
• Review of the Italian tax relevant information for the recognition of income subject to 12.5% is provided to you in accordance to the Decree 138/2011 of the Italian Ministry of Economy and Finance officially published on 16 December 2011 and any subsequently issued legal provisions and administrative guidelines in force in Italy, as applicable to the Italian Tax Reporting Services
• 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.

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