Unique to pControl is it's tax rule framework purpose built to manage tax business rules across multiple fund jurisdictions. Combined with pControl's single record Fund Ledger, this allows clients to manage a wide variety or jurisdictional requirements on a single platform.
The pControl approach overcomes the traditional constraints typical of tax platforms that are designed from a single jurisdiction only.
pControl's rules and calculation engine provides flexibility and ease of implementation of taxation and legislative changes in conjunction with configurable tax category allocations, and configurable apportionment and offsetting processes. This allows new market legislation or client or fund specific tax treatments to be easily accommodated.
The following table outlines examples of pControl's solution implementations across various tax jurisdictions.
|Australia||Income Distributions||Periodic Calculations|
|Capital & Income Pricing|
|Tax Expense||Daily Unit Pricing
(including DTA and DTL)
|Canada||Income Distributions||Periodic Calculations|
|New Zealand||Tax Expense on Portfolio Investment Entity (PIE)||Daily Unit Pricing
(including DTA/DTL and Gain/Loss Calculations on Parcel Lots)
|South Africa||Income Distributions||Periodic Calculations|
|United Kingdom||Box Management and Gain / Loss Management||Gain/Loss Calculations on Long/Short Parcel Lots|
|United States||Tax Expense and Income Distributions||U.S. Mutual Fund Tax Excise and Fiscal IRS Tax Filings|
Flexibility to configure jurisdictional specific calculations and reporting, including:
- Carried forward income or tax losses
- Capital losses allocated to capital gains
- Unrealized capital loss allocation to unrealized capital gains
- Determination of deductible or distributable foreign withholding tax credits
User defined allocation of attributes to tax category including:
- Association of related income and withholding tax categories
- Allocation of tax source
- Allocation priority of expenses to income
- Allocation priority of capital losses to realized capital gains
- Treatment of withholding tax for distribution
- Loss reallocation
- Jurisdictional or fund specific allocations
pControl's tax rule framework supports Income Distributions and Tax Expense and is integrated with it's Fund Accounting functions utilizing pControl's single record Fund Ledger processing, Gain / Loss Management and Account Views functionality.