JP Morgan Launches New Fund Tax Reporting Capability
JP Morgan’s 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. JP Morgan’s tax reporting system is designed to support the rapidly changing tax reporting requirements in markets such as Germany and Austria.
Cross-border fund distribution has seen significant growth with the development of UCITS and increasingly requires the delivery of complex tax figures for end investors. Anticipating the need for capacity and flexibility as clients distribute in new markets, JP Morgan has made significant investment to develop the tax reporting system, which is integrated with its fund accounting and distribution services.
Susan Ebenston, JP Morgan Global Fund Services executive, 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 maximise their distribution opportunities in the UCITS environment.”