Six establishes financial product tax data service
Swiss exchange operator Six has unveiled the Six Tax Score, a tool that assesses the tax cost ratio of individual securities and financial products on a daily basis. Six worked with a global tax partner to design the tool's calculation method. The Six Tax Score currently covers tax-related charges on dividend and interest income, fund distributions and capital gains for equities, bonds, funds and structured products for individual investors under Swiss, UK and French tax jurisdictions. Six said it is working on expanding its tax data tool scope to other tax jurisdictions.
Marion Leslie, head of financial information and executive board member at Six, said: “SIX Tax Score will allow banks, wealth managers and asset managers to not only fulfil their tax reporting duties in their back office but also anticipate tax costs when advising clients. With increasingly complex and ever-changing tax regimes, this will become crucial in investment decisions and client advisory."