eToro to implement Regnology’s tax reporting tool

Social investing network eToro will implement Regnology’s tax reporting solution as part of a new partnership to help clients produce tax reports.

EasyTax will be embedded into eToro’s infrastructure.

eToro product manager Tom Spigland explained the deal will help eToro create company-specific tax reports for clients. Spigland also explained one of the deciding factors for teaming up with Regnology was its cloud-based solution that could highly automate processes.

Regnology product director Mathias Wegner said, “We are very pleased to work together with an innovative FinTech like eToro. With the introduction of EasyTax, eToro makes it easier for its clients to file their taxes.

“Due to the broad coverage of assets, EasyTax can provide tax reporting for traditional investors, and for investors that focus on newer asset classes such as crypto. We expect that other FinTechs and online brokers will follow the same direction and include client tax reporting in their service offering.”

EasyTax was built on a development history of 20 years and has over 30 country-specific modules that are built on tax concepts provided by Big four tax advisors. Over 80 financial institutions around the world use the solution.

Late last year, Regnology released its first ESG reporting module for its Abacus360 Banking solution. The module targets financial institutions that will have to comply with the ESG standard risks disclosure reporting obligation from the EBA in 2022.

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