/regulation & compliance

News and resources on regulation, compliance, legal and governance issues for banks and fintechs.

Raisin goes live with Naqoda’s Tax Engine

Source: Naqoda

Naqoda is delighted to announce the successful launch of its Tax Engine solution at Raisin in Berlin, Germany.

The Naqoda Withholding Tax Calculation Engine is a multi-country software solution for the calculation and reporting of interest income tax and capital gains tax. The solution provides the fintech with all the compliance requirements of German withholding tax (aka Abgeltungssteuer) that it is required to fulfil.

The German flat rate withholding tax, or Abgeltungssteuer, is a tax on private income from capital and capital gains. This flat rate withholding tax came into effect on the 1st of January 2009.

Raisin COO and co-founder Michael Stephan explains: “By integrating Naqoda’s engine, we can offer Raisin customers in Germany an improved service. Those who select fiduciary deposit products now have a streamlined and transparent way to calculate and report the withholding tax on the income they earn from their Raisin-brokered savings.”

Erik Bogaerts, Managing Director of Naqoda comments: “We are delighted to implement our solution at Raisin. Working together has been a productive and enriching experience. The team at Raisin have made it possible to deliver our solution in a short time and we are delighted to support their innovative new endeavours.”

Comments: (0)