JP Morgan Worldwide Securities Services, a division of JP Morgan Chase, has launched a proprietary tax reporting system for calculating and reporting investment fund tax figures.

The new system, which is fully integrated with the firm’s fund accounting and distribution services, is designed to support rapidly changing tax reporting requirements in markets such as Austria and Germany.

It was developed in anticipation of increased need for tax reporting capacity and flexibility, as the market for cross-border investment grows under the UCITS framework.

"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," said Susan Ebenston, JP Morgan global fund services executive.