ADP Wilco Provides New Swiss Outsourcing Service for German Tax Reporting

ADP Wilco, a subsidiary of Automatic Data Processing, Inc., has announced a new tax processing and reporting service for banks and securities firms domiciled in Switzerland to service their German retail clients. The service, which uses ADP Wilco's Fitas platform,

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ADP Wilco, a subsidiary of Automatic Data Processing, Inc., has announced a new tax processing and reporting service for banks and securities firms domiciled in Switzerland to service their German retail clients. The service, which uses ADP Wilco’s Fitas platform, is available on an outsourcing basis through ADP Wilco’s Swiss data centre, and is augmented by business process outsourcing (BPO) services for operational management and specialist tax advice.

ADP Wilco’s Fitas platform creates income statements for German legal requirements and provides a ‘fill-in guide’ for KAP/AUS, the enclosure for income from capital assets. ADP Wilco already provides this service from Germany, where ADP Wilco’s German tax experts update the Fitas platform on an on-going basis to incorporate German tax law changes while also monitoring upcoming changes before they become legal requirements. The Swiss service has been launched to comply with Swiss regulations which require originating data to remain in Switzerland.

Fitas receives account, trade and position data on an anonymous basis directly from the user firm’s back office systems, and provides segregated reporting for income and expenditure originating from interest, fees (custody fees, account commission and debit interest) and securities income including coupons, dividends, accrued interest and trading profits.

Donal O’Brien, Co-Chief Technology Office, ADP Brokerage Services Group commented, “This service delivers high levels of STP automation for an area that typically relies on manual processes and spreadsheets. Our service can also reduce risk while empowering user firms to provide world class client services.”

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