VPS has been responsible for tax reporting of the VPS accounts for more than 30 years and, as such, we have a solid background in this area. Nevertheless, there were several new system components that had to be in place in connection with the new Share Savings Account, the most important new feature being the related cash transactions. But, continuous development throughout 2017, resulted in the reporting to the tax authorities as well as the distribution of annual reports to 33,830 investors was made within the stipulated timeframes.
During 2017, we also developed a new application where the providers get a full overview of their customers’ Share Savings Account. With this application, the providers have access to both securities and cash transactions made on the individual account, as well as a comprehensive report, including tax data. For the investors, the tax information related to the Share Savings Account is immediately available in the VPS Client Services application, together with the market value and the amount of available tax-free withdrawal.
During 2018, VPS will increase the efficiency with respect to the Share Savings Account, and we will primarily focus on making the process of changing provider easier for the investors.
