SIX Financial Information has enhanced its tax and regulatory data offering to support the Swiss financial industry implement the final withholding tax with the UK, Germany, and Austria at the start of 2013.
Less than a year after the initial proposal put forward at the 21st Finance Forum in Zurich, SIX Financial Information has released the first data packages for the fulfillment of the final withholding tax.
“Implementing the data requirements resulting from the agreements with the UK, Germany and Austria is an extensive task for SIX Financial Information,” said Dominique Tanner, Head of Business Development. “Our close collaboration with the Swiss Authorities, the Swiss Bankers Association and representatives from Banks in Switzerland, has enabled us to keep up with the tight schedule and deliver the first data packages as planned.”
All the relevant tax qualifications for securities and corporate actions, local fund reporting data and currency fixing rates, which the paying agents require to execute the agreements, are being integrated into SIX Financial Information’s flagship products - Valordata Feed and Telekurs iD. The products are continuously updated to comply with the data requirements of the agreements - planned to take effect on 1 January 2013. Furthermore, the current solution is designed to rapidly integrate a new wave of expected withholding tax agreements.
Complementing SIX Financial Information’s tax and regulatory data service, the SIX Securities Services’ Tax Messenger platform, is on schedule to deliver automatic and secure transaction support for the exchange of tax-relevant data between paying agents. SIX aims to provide the Swiss financial industry with the complete solutions to reduce the resulting workload and costs of implementing the final withholding tax.
Thomas Gross, CEO of SIX Financial Information, explains the benefits of the offering: “The solutions developed by SIX facilitate an efficient and transparent implementation of the rules arising from the interpretation of the agreements – without individual paying agents having to implement the rules separately. This will considerably reduce the cost of implementing the new tax regime for the Swiss financial services industry as a whole.”