The new fully automated solution from SIX means banks can quickly access the relevant tax rate for individual transactions. Under the Belgian TOB, there are three possible tax rates depending on the asset class subject to the transaction. With its proprietary ruleset, SIX has identified 14 different individual asset classes applicable for each transaction, which will be included in the service. The individual asset classes delivered will define whether or not the tax is applicable, as well as the specific rate for the transaction.
By providing a single source for complete, reliable and audit-ready information, the solution from SIX streamlines the tax administration challenge for banks so they can focus on ensuring their business runs smoothly. The solution is another example of how SIX is leveraging its award-winning expertise in reference data to create advanced services for the financial industry. As a result, firms can achieve higher automation rates for non-differentiating activities and focus on their core business.
“The global tax climate is becoming ever more complex and financial institutions are constantly on the lookout for more efficient ways to manage their obligations. Our latest offering helps international banks provide their Belgian clients with the most comprehensive support in tax operations”, explains Roy Kirby, Head Product Propositions SIX Financial Information.
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SIX Financial Information is a leading global provider of data and value-added services for the wealth and asset management industry. Aggregated directly and in real-time from 1500 worldwide sources - covering all the major trading venues - SIX’s database includes reference and market data, corporate actions, regulatory data and pricing information for over 23 million instruments. With offices in 23 countries, SIX combines the advantages of local expertise with global reach to offer financial specialists comprehensive data services for Asset Servicing, Middle Office, Investment Advisory, Portfolio and Fund Management.
SIX operates the infrastructure underpinning the Swiss financial sector and offers a comprehensive range of services around the world in the fields of securities trading and settlement, financial information and payment transactions. The company is owned by its users (approximately 130 banks of various orientation and size). Its workforce of over 4,000 employees and presence in 25 countries throughout the world generated operating income of CHF 1.8 billion and a Group net profit of CHF 221.1 million in 2016.