Designed to meet the compliance and data distribution requirements of the German flat rate withholding tax.
The flat rate withholding tax (Abgeltungsteuer) is a German tax on private income from capital and capital gains. It became effective on 1 January 2009 and states that custodian banks are required to manage and maintain any tax-relevant data and transfer this information to the receiving bank, fund platform or fund manager (KAG).
Clearstream Banking Frankfurt (CBF) offers a data transmission service called TaxBox to facilitate the exchange of tax relevant information. Dion’s Tax Gateway supports the integration of TaxBox to a firm’s organisational and IT architecture, allowing all relevant tax information to be sent to banks, KAGs and Fund Platforms. Based on Dion’s X-Gen solution, Tax Gateway is flexible and future-proof, allowing firms to meet current and future tax requirements.
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