Success Story: DNB

DNB Luxembourg S.A. is a subsidiary of DNB ASA - Norway's largest financial services group.

DNB Luxembourg S.A. offers private banking and investment advice primarily to Scandinavian clients living outside their home country. The bank also offers loans to Scandinavian customers who have a permanent residence or a second home in Spain, France and Portugal.

AlphaTax S.a r.l. in Echternach (Luxembourg) is the leading company for the creation of qualified tax reports in the outsourcing sector - for almost 40 jurisdictions.

With the self-developed, modular software, AlphaTax can very flexibly implement new country modules as well as work out the tax law changes to the existing modules for the next reporting year. In this way, the company provides its customers - primarily credit institutions and online commercial banks - with around 400,000 individual tax reports annually for their international private customers. For this, AlphaTax only needs a few anonymized raw data in electronic form. Regardless of which country module is to be created: the data extract is always the same. Once the interface has been implemented, the bank no longer needs to adapt the process.

The AlphaTax employees have many years of professional experience in the financial world and know exactly the expectations of their customers. Not only their detailed knowledge of financial products and bank booking systems, but also their in-depth knowledge of national tax law in a wide range of jurisdictions makes them real specialists and perfect contacts for their customers. In addition, AlphaTax has been working closely and trustingly with external consulting companies from the respective tax domiciles for many years.

We are pleased to count DNB among our customers.

Jürgen Debus

Partner, CEO AlphaTax

I initiated and managed the project in 2016. The implementation was quick and it was fun. The product is a win for the bank!

Olivier Humblet

Deputy Managing Director, DNB Luxembourg

Cooperation

It goes without saying: a company like DNB Luxembourg S.A. Not only serves local, but also international customers and companies. For DNB, with its high service standards, it is only logical to also provide customers with tax residence outside of Luxembourg with adequate tax reporting in accordance with applicable national law.

At the beginning of 2016, the first concrete discussions about a collaboration between DNB and AlphaTax took place. DNB's IT specialists quickly set up an interface for anonymized data extraction. For DNB, the focus was primarily on providing tax reports according to Norwegian tax law. The basic structure of the Norwegian tax report, including the calculation of securities transactions, had already been developed by AlphaTax. Tax specifics, such as the consideration and presentation of loans in accordance with the requirements in Norway, were specified by the DNB and quickly implemented by AlphaTax. After a joint test phase with an examination of the technical and tax results, the go-ahead was given. Since then, AlphaTax has been supplying the bank with country-specific tax reports - including for private customers with tax residency in Norway and Germany.

Working with AlphaTax couldn't be better. The contact persons are competent and friendly. And there for us all year round, not just during production.

Michel George

System Analyst, DNB Luxembourg