OBS-TAX Taxes

The OBS-TAX module works as an independent module within OBS and manages all tax processing. Moreover, its design as a complete stand-alone tax engine enables it to easily integrate into your existing banking systems, having all required tax knowledge and process in one single place.

The generic part of OBS-TAX is parameter driven and defines the tax types to be applied accordingly. The tax rates to be applied and the tax amounts are automatically calculated.

German Taxes

OBS-TAX currently provides the following functionality:

• The management of "Freistellungsaufträge" (exemption orders for capital gains tax), "Töpfe und Merkposten" (share interest pot and the pro memoria tax booking entries) for the capital gains tax
• Management of "NV-Bescheinigung" (non-assessment certificate)
• Differentiate the taxation by private and business assets, banks, foreigners and corporations
• Correct handling of taxes on corporate actions
• The determination of all required components, especially for funds, from the security master data file (e.g. WM)
• Real time calculation and taxation of capital gains
• Subsequent tax optimization and withholding
• Interface to "Taxbox" from Clearstream
• Automated KEST notification (withholding tax on capital gains) and FSADV reporting
• Calculation of VAT, especially on the transaction fees in the area of wealth management
• Creation of the individual tax statement, annual tax statement and the declaration of profits statement

European Savings Tax Directive

• Calculation of the EU interest for Switzerland, Austria, Luxembourg and Belgium
• Information exchange for Germany (ZIV), Luxembourg, Switzerland, Belgium and Netherlands

US Withholding Tax, FATCA, QI and OECD Reporting

OBS-TAX currently provides the following functionality:

• Double taxation agreement amount calculation for all countries
• Withholding tax calculation for non-declaration clients
• Preparation of data for IRS QI Reporting
• Electronic reporting to the US tax authorities
• Analysis of client information in order to determine the clients status with respect to FATCA

Swiss Taxes

OBS-TAX currently provides the following functionality:

• Withholding tax
• Stamp duty
• Swiss tax declaration
• European Savings Tax Directive
• Withholding tax according to double taxation agreements
• Final Withholding tax calculation according to the tax treaties between Switzerland and UK and Austria

Luxembourg Taxes

OBS-TAX currently provides the following functionality:

• Taxes on interest gains
• European Savings Tax Directive
• Creation of the tax declaration for the client
• Offshore-tax reporting for Germany and the Netherlands

Austrian Taxes

OBS-TAX currently provides the following functionality:

• Calculation of income part for capitalizing unit trusts and certificates
• Special treatment for step up bonds and construction bonds ("Wohnungsbauanleihen")
• Split of holdings into lots for old/new KEST regime
• Calculation of capital gains based on average cost method
• Calculation of KEST
• European Savings Tax Directive

UK Taxes

OBS-TAX currently provides the following functionality:

• Calculation of Stamp Duty und PTML
• Calculation of Gross Up und Equalisation
• Tax Voucher/Subsidiary Tax Voucher
• Management of Tax Lots
• Calculation of Capital Gains
• Calculation of pro memoria loss accounts for tax treaty with Switzerland

Belgian Taxes

OBS-TAX currently provides the following functionality:

• Stock Exchange Turnover Tax (based on security type)
• Taxes on Securities and cash gains
• Tax calculation on fund redemptions
• Tax calculation on the difference between issue and maturity prices

Dutch Taxes

OBS-TAX currently provides the following functionality:

• Government Tax reporting
• Client confirmation of reported tax values (similar to declaration of profits statement)
• Double taxation agreement with Switzerland