Financial Services, a forest full of tall trees

Services

Tax Banking

Financial Services

An array of regulatory bodies and requirements govern the commercial activities of banks and capital markets. Deloitte specialists advise banks and similar financial institutions on a variety of challenging topics related to domestic and global tax regulations.

Our Deloitte FSI Tax team is well-qualified to support your banking institution in the area of Tax transparency. Swiss banks are indeed facing increasing complexities in their commitments to serve clients in a compliant manner, not only in the EU, but across the globe

Over the past few years, we have added significant expertise in the Foreign Account Tax Compliance Act (FATCA) to our existing skills regarding the Qualified Intermediary (QI) program. With Switzerland committing itself to automatic exchange of information and the OECD Common Reporting Standard (OECD CRS), Deloitte will apply the technical interpretations and operational wisdom developed and honed for FATCA and QI.

Deloitte offers banking clients technical, operational and technological leadership for the cross-border tax reporting regimes. As a recognized leader in both tax and technology, Deloitte is uniquely qualified to assess and address all of the implications related to compliance with FATCA, CRS and QI. From analysis and remediation of existing systems to design and implementation of enterprise-wide concepts and practical procedures needed to identify and report required information to the U.S. Internal Revenue Service, our specialists keep businesses one step ahead in this developing area of compliance and risk.
 

Deloitte will apply the technical interpretations and operational wisdom developed and honed for FATCA and QI

Similar concerns affect Swiss banks under the Swiss Withholding Tax Agreements (WTA). These bilateral accords confront banks and their clients residing in countries such as Austria and the UK (and potentially soon Italy and Greece) with an assortment of technical challenges. Our knowledge and skills provide us the in-depth understanding of the operational implications and process changes banks may be obliged to undertake as a result of the withholding tax accords.

Deloitte has developed a data basis of withholding tax rates applicable under any double tax treaties (DTT) concluded between Austria and any third countries which Swiss banks are obliged to take into consideration when calculating the final withholding tax under the WTA. Analogous Deloitte data basis are available for the DTTs concluded by the UK, Switzerland, Germany, France, and Spain. These data are also relevant for country specific tax reporting for the Private Clients of Swiss banks.
 

Our knowledge and skills provide us the in-depth understanding of the operational implications and process changes 

In the wake of global Tax transparency the return on investment (ROI) after tax today is more in focus than ever. Recovering withholding tax incurred on investment income, therefore, is crucial for any investor. Deloitte has extensive experience in reclaiming Swiss Withholding Tax based on an applicable DTT for foreign resident UHNWIs invested in Swiss securities via very complex investment structures.

Deloitte also provides advice and assistance to banks in respect of the Swiss-EU Interest Taxation Agreement, an agreement to automatically withhold tax or exchange information about EU resident customers who earn savings income on assets booked at Swiss banks.

Another core topic in this context is Voluntary disclosure. The Voluntary Disclosure programs allow taxpayers to provide and disclose information they have not reported during previous dealings with the foreign tax authorities in order to avoid prosecution.

Through our recently created Deloitte Tax Reporting Services AG, Deloitte offers a comprehensive business process outsourcing service to assist banks to meet the requirements of the WTAs and to provide their private clients with country specific tax reporting for them to meet their tax compliance obligations.
 

Deloitte has extensive experience in reclaiming Swiss Withholding Tax 

Our Tax compliance services provide efficient and cost-effective support, comprising co-sourcing and outsourcing options and a proven suite of integrated tax technologies. We assist multinational players in gaining greater confidence in their level of compliance through improved data management and by validating data integrity and accuracy. A topic of particular expertise of our team is Stamp Duty, which has a core influence on banking business operating trade involving transfer of stocks and other securities. Our Stamp Duty team is adept at providing practical advice for banking operations. 

Our Tax compliance services provide efficient and cost-effective support