Bank takes a tax agent role

Progressive personal income tax rate is calculated by the bank for thousands of accounts automatically

Project review:
Brief

Our client, a large bank, was looking for the for the income tax calculation system. The reason for this was to comply with Central Bank requirements to become a tax agent. The tax rate is set up by authorities and is progressive, also the primary formula has a lot of exceptions. This made the math part of the project complicated. The all-new system was built within 14 months and on top of basic functionality provided various other features and interfaces, like integration with client’s online cabinet, reporting, several user roles and a dashboard.

Services
Consulting, Software development, Software integration
Industry
Banking
Year
2023

A future-proof platform and a reliable team are key success factors for fast development of complicated solutions

Challenge:
The objective of the project: to carry out work on analytics, the formation of tasks, design and architecture, develop and implement a solution for a progressive personal income tax rate, as well as the formation of tax reporting for individuals in cases where the bank acts as a tax agent.
Business organizations have to comply with laws and regulations. Banking industry is heavily dependent on government authorities and Central Bank. New rules which appear every year can in some cases change the whole business logic, therefore companies need to react quickly. Since most of changes stimulate creation of new software applications or features, banks need to have a strategy regarding software tools for rapid development and a capable team, able to work with these tools. How to finding a suitable and future-proof platform together with reliable people is something to think about.
On the tactics level, the objective of the project was to analyze the situation, discuss options and find a suitable platform, plan the implementation, create design and architecture, develop and implement a solution.

Jmix platform together with a mixed team is a proven configuration for complicated projects

Solution:
Addressing the above-mentioned challenges, we proposed to use Jmix rapid development platform. It provides speed and flexibility in the future. It has premium features, but mainly based on open-source software. The team consisted mainly of our developers with a responsible person from the bank who was learning how to support the code when the project is over.
We developed the new system based on the Jmix platform. A new transport layer was introduced as well as integration with all data sources and consumer systems. As a result we delivered: all business processes description in Jmix, new data forms, reporting forms, integration with 10 data sources: salary, shareholders payments, module for payments according to the contract terms to contractors, gifts, dividends, etc.

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