Collaboration
After the first working meetings between Banque Raiffeisen and AlphaTax in January 2016, the decision was made quickly: After examining several competitors, Banque Raiffeisen awarded AlphaTax the contract to prepare the customer tax reports.
The project to put tax reporting into operation was very straightforward: in May 2016, Raiffeisen's IT experts began developing the interface for supplying the raw data to AlphaTax. Thanks to the extensive project experience and technical skills of the IT team of the Luxembourg cooperative bank, the excellent tax expertise of its project employees and the excellent communication between the two companies, the implementation was achieved in a short time. What was also helpful for the rapid implementation was that AlphaTax was already familiar with the special features of the new core banking system through other projects, which Banque Raiffeisen had successfully put into operation a few years earlier.
The result
Since its successful launch in 2016, Raiffeisen has been sending tax reports for several countries to selected private customers. Depending on the tax residence country of the retail customer, the account and securities transactions are classified by the AlphaTax software according to the country's legislation. The software applies the country-specific regulations when calculating capital gains as well as profits and losses and sums the results determined in this way into a filling aid. This filling aid maps the most important fields of the respective country's tax forms valid for the requested reporting period, so that the amounts can be easily transferred to the original form. To make the results easy to understand, all relevant transactions and calculations are included in a clear detailed report. A reference is included for each individual amount, which indicates the respective allocation in the lines of the filling aid. The bank receives a completed tax report back electronically, which it only has to personalize.
