Visualise your schedule without tax; would you analyze a new business opportunity, contact that particular customer, or just stop worrying about risky tax reporting
At Euronext Securities Oslo, we’ll handle your tax reporting, no matter what your depot are, or where they are located. Over the last years, Euronext Securities Oslo has invested in excess of 3 MEUR in developing a highly sophisticated tax reporting module for depositories wholly unassociated with Euronext Securities Oslo. In essence, We have automated the services previously retained by accountants and CPAs into a module that can calculate tax positions and report securities with the highest precision.
All you need to do is send us information about your investors and transactions, we’ll do the rest
Background – from the investor to the provider
The service was initially a response to new strict government reporting requirements for 2019. In short, the new requirements transfers the duty to declare securities transactions from the investor to the financial institution where the account is registered. We expect more to come and are ready to handle all changes and additions.
Securities market in harmony
Following the publication of the new requirements were major Nordic financial institutions searching for a harmonized and generic tax solution that would withstand the test of time, and Euronext Securities Oslo took a lead. The module was a success and reported holdings not previously declared. Now, the module is under constant development and is thus far the most sophisticated tax calculations- and reporting module for securities available in EU, UK and the Americas.
The first step is that the financial institution uploads the investor data and transaction data to the VPS TAX module, making sure that Corporate Actions are coded according to the ISO-standard. Currently, a correct calculation requires a complete purchase and sales history based on the trade date of each ISIN. We have a vast set of rules for corporate actions and capital events that is in sync with the Tax Code. All this ensures a correct tax calculation and file that is submitted to the tax administration and the investor.
The information is displayed in a graphic user interface (GUI) where the financial institution can amend and make corrections if necessary.
Data from others saves you time
To ensure the simplest possible data processing, we have several integrations such as
- Investor personal data such as names, addresses from the public registry
- ISIN information from the ANNA (Association of National Numbering Agencies) database
- Exchange rates from the Norwegian Central bank (Norges Bank).
Let us handle it
VPS TAX is designed as a generic solution for financial service provides in the Nordics. Our vision is that we can relieve you of time consuming tax matters using our complete line of automated tax services.