Reporting

SECTRAS – The solution portfolio for reporting requirements

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Reporting

Constantly tightening regulatory standards are forcing financial institutions to continuously adjust to ensure compliance with a diverse range of reporting requirements.

In addition to communicating with various supervisory authorities (German Federal Financial Surpervisory Authority – BaFIN, the German Central Bank, and the German Federal Central Tax Office), the different reporting periods must also be taken into consideration.

SECTRAS offers an efficient and individually customisable solution portfolio to manage securities reporting requirements in Germany.

A list of some of the reporting procedures available can be found in the following overview.

Your Contact

Achim Berghaus

Head of Product Management
Phone: +49 (9371) 9786-17

Overview

Account retrieval procedure pursuant to Section 24c German Banking Act (KWG) – Accounts Evidence Centre

Under Section 24c (1) German Banking Act (Gesetz über das Kreditwesen – KWG), financial institutions are required to maintain a data pool in which certain customer and account master data (e.g. account number, name and date of birth of account holders and authorised persons, and opening and closing dates) are stored. The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) is authorised to retrieve information from this pool insofar as this is necessary for it to fulfil its supervisory tasks. find out more

Securities trade reports pursuant to
Section 9 of the German Securities Trading Act (WpHG)

All transactions in securities and derivatives admitted to trading on a stock exchange in a Member State of the European Union, in a Contracting State of the European Economic Area or traded on the over-the-counter market of a German stock exchange are to be reported electronically to the Federal Supervisory Office for Securities Trading (Bundesaufsichtsamt für Wertpapierhandel – BAWe) (Section 9 WpHG). find out more

A standardised solution for FATCA, CRS and future requirements

Whether US FATCA, UK FATCA, the EU Mutual Assistance Directive or indeed the OECD Common Reporting Standard – as a result of international efforts to encourage tax honesty, the Automatic Exchange of Financial Account Information in Tax Matters (AEOI/AIA) is gaining ground as a global solution. find our more

EU Directive on the taxation of foreign interest income (EUZI)

The EU has set itself the objective of combating cross-border tax evasion relating to the taxation of interest income too. To this end, an EU Directive on the taxation of foreign interest income was adopted, which was implemented in Germany in the form of the Interest Information Regulation (Zinsinformationsverordnung – ZIV). This essentially relates to interest or interest-like income generated in an EU country that is not the taxpayer’s home country.

Control procedure for actually exempted capital gains

Credit institutions and other entities that are required to deduct tax pursuant to Section 44 (1) EStG and Section 7 of the Investment Tax Act (InvStG) must submit to the Federal Central Tax Office a report of the actually exempted capital gains – FSA – as well as the actually exempted capital gain of the non-assessment certificate – NVB – of their customers, by 1 March of the following year.

Investment Income Tax report

Investment Income Tax is to be withheld either by the obligee of the capital income or by the domestic paying agent. The capital income subject to withholding tax is finally regulated in Section 43 EStG. The declaration of the withheld capital gains tax must be sent electronically to the tax office in the official form (Section 45a (1.1) EStG).

Church tax deduction procedures (KiStAM) and ID number request

Under the new regulations in Section 51a (2c – 2e) and (6) EStG, from 1 January 2015 onwards credit institutions in Germany are under a duty to withhold and pay church tax on flat-rate tax in an automated procedure. In order to determine liability to church tax, the withholding agent is required to retrieve the church tax deduction attribute (KiStAM) from the Federal Central Tax Office (BZSt) for all customers, shareholders or members. The church tax deduction attribute is a six-digit key, in which the religious affiliation, the associated tax rate and the area of the religious community are coded. This electronic procedure also includes the possibility of a Tax Identification Number (TIN) request, under personal details.

Control report on gratuitous transfers of securities (KMV DEP)

In the case of a gratuitous transfer of securities, a donation or an inheritance, the withholding tax is not activated and the transfer of the securities is carried out with the original purchase information. The credit institution is obliged to file a report with the tax office in order to prevent possible tax evasion. In this way, the inheritance/gift tax procedure is initiated by the Tax Office. The notification is made electronically in accordance with Section 43 (1.1 and 1.6) of the German Income Tax Act (EStG). Information on both the persons (transferors, transferees) and the assets concerned is reported within the scope of this report.

Control report for exemption from Investment Income Tax deduction (KMV FKB)

The control notification under Section 43 (2.7) EstG is connected with the capital gains that are exempted from the deduction of tax under Section 43 (2.3.2) EStG. According to this, a report is only permissible if actual capital gains have arisen, from which no tax deduction has been made pursuant to Section 43 (2.3.2) EStG. This tax exemption includes rent and lease income, option premiums from option transactions, gains on sale transactions (including flat-rate taxation) as well as gains on forward transactions.


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