The much awaited Financial Transaction Tax will take command as policy makers get the support of governments and officially launch a ‘go live date’. SIX Financial Information launches data services for firms with specific information about instruments and the relevant charges. The Italians are in first place to launch the tax and the governments recent provision which affect the countries equity markets will be implemented on the 1st of March 2013.
Financial intermediaries will be challenged to identify the country specific transaction taxes on derivatives, due to the high number and complexity of these products.” said Jacob Gertel, Senior Project Manager Legal & Compliance Data at SIX Financial Information. “Through our fully-automated tax services we support clients to manage the maze of FTTs in a reliable and efficient manner.”
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SIX Financial Information’s Valordata Feed will provide the country specific tax information for each security and derivative instrument as new tax is enforced in the different jurisdictions. The addition of the Italian FTT service adds to the broad range of tax data – including the French FTT, final withholding tax, and many more cross-border regulations – that SIX already offers.
“Our extensive financial instrument database and local experts around the globe enable us to closely monitor and rapidly integrate regulatory changes, such as the forthcoming FTTs.” said Fritz Hediger, Head Global Sales, SIX Financial Information. “We are committed to servicing our clients on time and in full scope as this wave of regulations takes effect.”
Other countries – Belgium, Germany, Estonia, Greece, Spain, Austria, Portugal, Slovenia and Slovakia – will implement their taxes according to the EU directive concerning the FTT, which are expected to cover derivatives as well. By closely following the regulatory developments at SIX Financial Information will be ready with the required tax data when the new regulation is enforced.