Bloomberg announced on Thursday the release of an international tax data solution covering financial transaction tax (FTT), stamp duty, and levies on financial instruments.
Available via Data License for scalable enterprise-wide use, this solution helps banks, brokerages, custodians, and asset managers streamline tax compliance and examine the tax implications of entering new markets.
Firms operating in multiple jurisdictions are responsible for adhering to a complex web of global, regional, and local tax obligations on financial transactions. These obligations include varying tax rates on purchase and sale of financial assets, a stamp duty tax on securities issued by companies incorporated in specific regimes, as well as levies on specific company transactions. Accurately tracking these various tax implications is a complicated, time-consuming operation for firms that can be costly both in terms of resources and overall impact on financial transactions.
“Bloomberg worked in lockstep with clients and industry participants to design a dynamic solution that provides scalable identification of tax-eligible instruments, accounts for evolving tax laws and maps back to a firms’ security database for seamless integration into firms’ compliance and front office workflows,” Kate Lee, global head of enterprise regulatory data at Bloomberg, said in a statement. “This marks the latest enhancement to Bloomberg’s robust tax offering, complementing our best-in-class U.S. tax data solution, allowing clients to monitor and manage transaction-based global tax exposure more effectively and with greater confidence.”
Bloomberg’s international tax data solution provides:
- Comprehensive global coverage across 28 tax jurisdictions in EMEA (Europe, the Middle East and Africa) and APAC (Asia-Pacific).
- Coverage of FTT regimes in France, Italy, and Spain; stamp duties in the U.K., Ireland, Hong Kong, and Singapore; and Takeover Panel levies in the U.K. and Ireland.
- Flags for tax eligibility and rates by instrument, and clear rationale fields explaining inclusion or exclusion decisions to improve auditability and transparency.
- Automated identification of in-scope instruments and tax obligations with daily monitoring and reference data that includes recent corporate actions
- Data ingestion via multiple methods, including SFTP and API, to streamline usage in front-office and compliance workflows.
Bloomberg’s international tax data solution is part of Bloomberg’s Regulatory and Accounting Product suite, which helps professionals at banks, asset managers, insurers, pension funds, and other financial organizations navigate an increasingly complex regulatory and accounting disclosure environment. This data is available to Data License customers per security or as part of a bulk subscription at data.Bloomberg.com and can be delivered via SFTP, REST, API or into a cloud environment.
Photo credit: Kate Krav-Rude/Shutterstock
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Tags: bloomberg, international tax, tax compliance, Taxes, Technology
