GE-Tax Service

Since 01.01.2009, due to the German final taxation, capital income and capital gains on privately held assets are taxed uniformly. For foreign assets the tax withholding is taking place in the („mandatory-”) tax assessment of the taxpayer.

In order to carry out the tax assessment correctly, significantly increased requirements on the tax reporting related to quality and completeness have to be fulfilled. To produce the tax reporting, different alternatives are available, e.g.: core banking systems or dedicated software solutions.

Regardless of the chosen alternative for the production of tax reports, the increased requirements have impacts on different areas of a bank, for example:

  • Investment advisory/portfolio management – to identify tax-wise not optimal products (also in the case of custody account transfers)
  • Consideration of the different requirements in the back-office, for example in the processing of corporate actions and securities transactions

For this the different recipients have to be provided with high quality and consistent financial data during the year.

For this purpose Banking Concepts AG offers the service GE-Tax. With GE-Tax it is possible to refine WM-data for various target systems and purposes. The client may choose the required frequency for the data feed: from daily, monthly, etc.

The underlying rule-sets are constantly maintained, so that they are always up to date with the current WM-data release and the German tax law. The client does not need to have the related know-how in-house.

GE-Tax service includes the following modules:

  • Tax-wise categorization of financial instruments on the basis of WM-data
  • Refinement of corporate actions and income data
  • Refinement of tax relevant fund price data.