31 October 2013
KPMG certifies the Avaloq Banking Suite for the correct handling of Swiss Tax Agreements
KPMG, the global network of professional firms providing Audit, Tax and Advisory services, has recently verified that the Avaloq Banking Suite performs correct calculations in regard to the Swiss Final Withholding Tax for Austria and the UK.
The input/output testing performed by KPMG tax experts focused on the calculation of the Final Withholding Tax figures on income and capital gains and losses. It showed that the Avaloq Banking Suite performs these calculations correctly as required by the agreements between Switzerland and Austria and Switzerland and the UK. The tests were performed for various clients with a Swiss bank account, i.e. for individuals or entities resident in Austria and the UK.
KPMG’s sign-off on the modules highlights another example of Avaloq’s longstanding experience and professional expertise in developing fully integrated tax solutions. Offering such integrated tax solutions is a decisive competitive advantage of the Avaloq Banking Suite. It provides customer banks with a key advantage in terms of quality, flexibility and total cost of ownership.
Avaloq has a unique track record in delivering best-in-class technical solutions for all kinds of new regulatory requirements to its customers in the most demanding financial centres around the world.