JP Morgan Worldwide Securities Services business has launched a proprietary tax reporting system for calculating and reporting investment fund tax figures to fund promoters, distributors, tax advisors and cross border investors.
The new tax reporting system is designed to support the changing tax reporting requirements in markets such as Germany and Austria.
Anticipating the need for capacity and flexibility as clients distribute in new markets, JP Morgan has made an investment to develop the tax reporting system, which is fully integrated with JP Morgan’s fund accounting and distribution services.
Susan Ebenston, global fund services executive at JP Morgan, said: “JP Morgan’s new fund tax reporting system has undergone rigorous testing and external audit review, and features automated data capture and detailed reporting to increase efficiency and mitigate risk for our clients and their tax advisors.
Compliance with frequently changing tax reporting needs, and building capability for reporting in new markets, are critical to enabling our clients to maximize their distribution opportunities in the UCITS environment.”