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WWW.FISCALREPS.COM taxDNA ® taxbox ® taxDNA ® was developed as a front-end application enabling users to perform IPT calculations quickly and easily. By entering a small amount of relevant transactional data on one screen, users can calculate premium taxes due on a multinational insurance policy and generate reports detailing calculations.
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Since 2003 FiscalReps has paid in excess of €300m in insurance premium taxes to tax authorities on behalf of over 200 insurance company and captive insurer clients.
A key aspect in this achievement has been the development and implementation of some unique and innovative software applications designed specifically to respond to the insurance premium tax (IPT) needs of FiscalReps and its clients.
Both taxbox® and taxDNA® were created, developed and are owned by FiscalReps and are perfectly suited to the demands of global IPT compliance. Furthermore, taxbox® is patented in Ireland and is currently patent pending in the USA, demonstrating its uniqueness in the global tax compliance marketplace.
Although based on the same basic architecture and utilising the same comprehensive global tax database, taxbox® and taxDNA® were developed to meet distinct compliance needs, however when working in harmony can offer a comprehensive end-to-end IPT compliance solution for any insurance business.
taxDNA®
taxDNA® was developed as a front-end application enabling users to perform IPT calculations quickly and easily. By entering a small amount of relevant transactional data on one screen, users can calculate premium taxes due on a multinational insurance policy and generate reports detailing calculations.
taxbox®
Once transactional data has been uploaded into taxbox®, the application will double-check all premium tax calculations and highlight any calculation errors or reasonableness failures for immediate resolution. Once all calculations have been accepted, taxbox® can automatically generate tax returns, tax payment requests and tax reports. The tax returns printed are immediately ready for submission to tax authorities and the tax payment requests are made to the banking industry MT103 standards, meaning that they can be uploaded directly into many online banking applications.
A workflow system directs users by controlling the tasks required to perform on a monthly basis in order to meet all of your IPT compliance obligations. Reports can be generated highlighting compliance failures so that any incomplete returns can be identified and rectified immediately.
WWW.FISCALREPS.COM
FiscalReps IPT DatabaseBoth taxDNA® and taxbox® can be delivered including the global tax rate database built and maintained by FiscalReps, although for users with their own database of tax rates the applications can be delivered ‘empty’.
FiscalReps has developed a global tax database which is monitored and refreshed regularly to ensure that all IPT rates are up to date.
FiscalReps API (Application Programmers Interface)Many insurers and brokers have proprietary software systems which manage their insurance operations, although many of them lack access to a detailed tax rate database. Consequently, tax rates can quickly become out of date, leaving users with a potential compliance problem; that of using out-of-date tax rate information for IPT calculations.
In response to this common problem, FiscalReps has developed an API which allows other software applications to access the global tax database created and maintained by FiscalReps. By subscribing to this API users are able to benefit from using their own specialist insurance applications but powered by FiscalReps global IPT rate database, ensuring that the correct IPT rates are consistently used in all IPT calculations.
All of FiscalReps’ software applications can be delivered on a Software-as-a-Service (SaaS) basis, offering clients the maximum flexibility in terms of length of contract and level of usage within the business.
FiscalReps’ applications are hosted on a secure off-site server which complies with ISO27001 and industry data security standards.
To arrange a demonstration of our unique software products please contact Leo Shaw on [email protected] or call: +44 (0)20 7663 5672.
For an online presentation of the key features and benefits of taxDNA® and taxbox®,please visit www.fiscalreps.com/technology.
10 FENCHURCH AVENUE LONDON EC3M 5BN UK
T +44 (0)20 7663 5672 | [email protected] | WWW.FISCALREPS.COM
Since formation in 2003, FiscalReps has been the market leader in the field of international IPT compliance, providing robust compliance solutions for over 200 clients, including many of the world’s largest insurers and captive owners.
With qualified professionals in the areas of finance and insurance, and with extensive experience gained both in the London market and internationally, FiscalReps is able to harness technical skills and market experience to deliver a robust but common-sense IPT compliance solution.
FiscalReps offer a suite of products encompassing Outsourcing, Technology, Consulting and Training solutions to assist clients in achieving and maintaining global compliance.
Mike Stalley FCA, Chief Executive, founded FiscalReps in 2003 after experiencing at first hand the difficulties involved in achieving international premium tax compliance.
To find out how FiscalReps can give you certainty surrounding your organisation’s IPT compliance obligations, please contact us.
We can also speak to you in French, German and Spanish.
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