SaveTax
Many banks are facing increasingly complex tax calculation and reporting issues with respect to their international clients. Multi-jurisdictional tax reporting is a pain-point for financial institutions, unlike local tax reporting (i.e. client, bank and portfolio in a single jurisdiction) which is relatively straight forward.
SOFGEN SaveTax, a global solution for fiscal calculation and reporting is a platform which addresses this issue. Its unique architecture enables it to cope with a hierarchy of ever-changing rules and its demonstrable success is evidenced by its take up amongst blue-chip banks such as such as Union Banque Privée, Société Générale Private Bank and ABN AMRO.
Through SaveTax's rules-based calculation engine, which enables a four dimensional view of the tax calculation (bank location, client tax domicile, instrument issuer country, time) financial institutions are able to provide their customers with the information required to report their activities appropriately. SaveTax interfaces with the bank's core systems and its rules engine is continually updated with current tax information supplied by leading accounting and legal firms.
Features and Benefits:
- Innovative solution for calculating the amounts taxable to the applicable tax jurisdiction
- Appropriate tax reporting for reporting income, gains, and taxes on client assets
- Ability to handle multiple tax systems from a single platform
- Complete compliance with applicable regulations
- Periodic updating of tax rules performed by knowledgeable specialists
- Control of taxation applicable to investment securities for individuals
- Significantly improves a financial institution's fiscal management processes
- Multi language and multi country reports available
- Automation of manual tasks
- Short implementation time frame relative to single jurisdiction solutions with poor fit
- Modern technology (n-tiers)
