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Tax advisory & compliance services

Challenges

The tax framework in which the banking industry operates is subject to rapid changes which pose a number of different challenges for the industry. National governments and supranational organisations increasingly impose obligations regarding operational taxes and tax reporting. 

Challenges presented by 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 service offering

Deloitte provides companies with a broad range of services to respond to a fast and constantly 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, training sessions and tax alerts
    • Qualified intermediary/FATCA assistance
    • Tax reporting assistance on private banking products
    • Procedure relating to changes to the way information is exchanged in the tax field upon request
    • Back-office tax efficiency assistance through training sessions 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 training sessions for the bank and tax hotlines

VAT services

  • VAT optimisation
    • Review of the input VAT deduction methodology
    • Opportunity to set up an IGP (Independent Group of Persons)
    • VAT optimisation in the context of reorganisation
    • VAT discrepancies analysis of EU transactions
    • VAT cash flow optimisation
  • VAT operational assistance
    • VAT matrix (VAT treatment of the usual transactions performed by a bank)
    • VAT engine (design automated reporting processes)
    • VAT hotline
    • VAT opinions and review of agreements from a VAT perspective
    • Preparation of claim against VAT re-assessment
    • Dedicated on-site VAT assistance (short to long-term secondment)
    • Dedicated VAT training
  • VAT compliance services
    • Preparation of VAT registration application files
    • Preparation and electronic submission of VAT returns and EC Sales Lists
    • Preparation of VAT de-registration application files
    • Set-up of e-filing system
    • VAT Scan (quarterly review of the invoices received by your entities in order to detect any potential issue and calculate the corresponding VAT liability)

Specific to banking integration & restructuring

  • 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 flow optimisation

Tax aspects of banking IFRS and other regulatory changes

  • 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 reconciliation assistance

Operational tax efficiency for onshore tax offering

  • EU Savings Directive
    • Advice on implementation of the updated Directive
    • Hotline assistance on the application of current and future EU Savings Directives
    • Training sessions 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 communication - Tax alerts/newsletters
  • Onshore tax reporting for private banking clients
    • Assisting banks in their processes to attain tax reporting efficiency
    • Analysis and review of tax certificates
    • Operational tax hotlines
  • Banks’ back-office tax management optimisation services

Contacts

  • Jacques Linon
    Partner - Tax - International Tax
  • Raphaël Glohr
    Partner - Tax - Indirect Tax - VAT

Related links

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More Learn more

  • EU Withholding Tax Reclaims - 14/04/2014
    The Court of Justice of the European Union released its decision in case C-190/12 Emerging Markets Series of DFA Investment Trust Company regarding a reference for a preliminary ruling.
  • FATCA - 04/04/2014
    Luxembourg and the United States have signed on 28 March 2014 a Model I FATCA IGA and a MOU to improve international tax compliance between both jurisdictions.
  • Announcement 2014-17 - 04/04/2014
    Announcement 2014-17. IGA signed by Honduras. Final version of Form W-8BEN E released.
  • FATCA - 31/03/2014
    Luxembourg and the United states signed an intergovernmental agreement (“IGA”) Model I. Luxembourg Reporting Model 1 FIs will transmit information to the Luxembourg Tax Authorities.
  • Automatic exchange of information under EU Savings Directive - 25/03/2014
    The EU Savings Directive, requires Member States to exchange information automatically on interest payments made by paying agents located in one member state.

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