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Multifonds' flexibility prevents 'Abgeltungssteuer' headaches

Multifonds' flexibility prevents 'Abgeltungssteuer' headaches

Implementing the 'Abgeltungssteuer', the 25% withholding tax introduced with Germany's corporate income tax reforms in 2009, had the potential to be a major headache for funds administrators.

Our customers however enjoyed a seamless transition - thanks largely to Multifonds' flexibility.

Multifonds worked closely with its European clients, and particularly Union Service-Gesellschaft mbH, to define what would be required to meet the new regime. With that work done, it was a simple matter to reconfigure the software and issue a new release.

The majority of our European clients were live with a new Abgeltungssteuer-compliant version of their existing Multifonds system several months before the measure took effect, with time to spare to fully test the system.

"We are altogether highly satisfied with Multifonds' range of functions and quality in the back office." says Union Service-Gesellschaft Managing Director Oliver Schaut. "It is an efficient and high performance solution that is ideal for supporting our investment processes."

Oded Weiss, CEO of Multifonds commented that "this transition is an excellent example of our philosophy of a highly configurable system that ensures flexibility for inevitable changes in statutory regulations, and of maintaining an efficient and cost effective work environment for our clients."