SIX launches data services to comply with upcoming Italy’s FTT
SIX Financial Information as announced that in time for the approaching Italian financial transaction tax (FTT) taking effect in March 2013, it will provide its clients the data to comply with the new tax.
“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, adding that through tax services SIX supports clients to manage the maze of FTTs in a reliable and efficient manner.
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. “We are committed to servicing our clients on time and in full scope as this wave of regulations takes effect.”
As talks of FTTs are sweeping Europe, the Italian government recently published the provisions of the Italian FTT. In contrast to the preceding French FTT, the Italian FTT will be applicable not only to shares and similar instruments but also on July 2013 on derivatives with taxable shares as underlyings.
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.