German Fintech Raisin goes live with Naqoda’s Tax Engine

Naqoda is delighted to announce the successful launch of its Tax Engine solution at Raisin in Berlin, Germany.

The Naqoda Withholding Tax Calculation Engine is a multi-country software solution for the calculation and reporting of interest income tax and capital gains tax. The solution provides the fintech with all the compliance requirements of German withholding tax (aka Abgeltungssteuer) that it is required to fulfil.

The German flat rate withholding tax, or Abgeltungssteuer, is a tax on private income from capital and capital gains. This flat rate withholding tax came into effect on the 1st of January 2009.

Raisin COO and co-founder Michael Stephan explains: “By integrating Naqoda’s engine, we can offer Raisin customers in Germany an improved service. Those who select fiduciary deposit products now have a streamlined and transparent way to calculate and report the withholding tax on the income they earn from their Raisin-brokered savings.”

Erik Bogaerts, Managing Director of Naqoda comments: “We are delighted to implement our solution at Raisin. Working together has been a productive and enriching experience. The team at Raisin have made it possible to deliver our solution in a short time and we are delighted to support their innovative new endeavours.”

For more information about Naqoda’s solutions, please click here to request a brochure.

Further information about Raisin can be found on their website.

 

Towards harmonisation between FATCA and CRS reporting schema

On the 9th and 10th of June, the 28th Annual Forum on International Tax Withholding & Information Reporting (aka the Executive Enterprise Institute or EEI Conference), took place in New York. This year’s EEI Conference consisted of eleven panels, ranging across the multiple U.S. withholding and reporting regimes as well as targeting updates on the Department of Justice’s investigations into an array of tax-related activities. Panelists included representatives from industry, professional tax advisors and software vendors as well as IRS officials.
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