Overview - Tax Reporting

Financial institutions are required to send annual tax reports to the government in the country where they are based. The reporting format and the contents of the tax reports differ for each country but are based on the transactional data and the holdings that exist in Bricknode.

The tax report can be viewed as an export from Bricknode of certain data where various rules apply to what should be exported.

The Tax Reporting Tool supports tax reporting for various countries but the general flow of the reporting is the same.

1. Conduct various settings for each tax report

2. An Excel file is generated with the exported tax report data which the user can verify or modify as they wish

3. The same Excel file is imported to the Tax Reporting Tool

4. The actual tax report is generated that the user can submit to the government tax agency

5. Tax reporting files are stored for the end customer in BFS if the user selects to have these created