Ansbacher (Bahamas) Limited, a leading private wealth manager in The Bahamas that serves high net worth individuals, corporations and institutions, has partnered with BearingPoint’s EasyTax Solutions to produce offshore tax reports for its international clients.
The preparation of tax statements are a part of government’s international mandate to fulfill tax reporting requirements to avoid blacklisting.
“Our relationship with BearingPoint and the use of its EasyTax solution is indicative of our commitment to high-quality solutions that help to manage and protect our clients’ wealth”, Head of Information Technology at Ansbacher (Bahamas) Limited Sandro Lardi said.
Client requests have reportedly led Ansbacher to outsource a better and seamless tax reporting practice.
Initiatives such as the Automatic Exchange of Information (AEoI) and the implementation of Organization of Economic Cooperation and Development (OECD’s) common reporting standard (CRS), are the main drivers behind increasing client requests for such services from their banks.
Financial institutions in offshore financial centers are also preparing themselves to provide jurisdiction-specific tax reporting services to their clients according to Ronald Frey, Partner at BearingPoint Switzerland.
“The demand for high-quality tax reporting services for clients from an increasing number of different tax jurisdictions is growing pace in many of the most prominent financial off‐shore centers,” said Frey.
“Tax transparency has become a reality. Sophisticated client tax reporting is about to become an essential service and a factor of differentiation for financial institutions such as banks, asset managers, family offices, and trusts.”
BearingPoint’s EasyTax standard tax reporting solution is built upon a history of more than 15 years of development and support for banks in assisting their clients’ tax filing obligations in more than 20 jurisdictions.
The solution produces country-specific tax reports and enables financial institutions to provide their clients with a service to ease tax filing duties.
More than 80 financial institutions worldwide already produce tax reports with EasyTax for their clients, as the company’s client list includes private & wealth management banks, family offices, retail banks, banking package providers and tax reporting service providers.