Bloomberg announced 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 compliance and front office workflows," said Kate Lee, Global Head of Enterprise Regulatory Data at Bloomberg. "This marks the latest enhancement to Bloomberg's robust tax offering, complementing our best-in-class US Tax data solution, enabling clients to monitor and manage transaction-based global tax exposure more effectively and with greater confidence."