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Tax recovery is a complex issue. For custodians and brokers who service assets for a wide range of investments and client types, the level of complexity is compounded. When filing tax reclaims one is subject to procedural requirements from a complex network of custodians, withholding agents, brokers, depositaries, and foreign agent banks. In addition, treaty and statutory rates are continually changing and must be constantly monitored and interpreted. Maintaining the in-house expertise and infrastructure needed to file reclaims successfully is time consuming, extremely costly, and labor intensive, particularly for large financial institutions with multiple client types.
We provide a V-STP (Virtual-Straight Through Processing) solution to financial institutions. Our suite of processing solutions is designed to facilitate the processing of data and submission of reclaim applications on behalf of multiple beneficial owners. Additionally, our services are tailored to meet the specific needs of this group and be integrated as seamlessly as possible with any in-house processes which may be in place. GlobeTax’s eDocs document submission portal allows financial advisors to submit all information necessary to set up a client account with GlobeTax. The system will automatically generate required documentation, which streamlines the account opening process and facilitates the setup of multiple accounts in a single process.
Once a beneficial owner’s account is set up and requisite documentation is in place, GlobeTax has all the information required to continually process reclaims on a client’s behalf without further need for document submission or execution by the beneficial owner. To evidence potential reclaim entitlements, GlobeTax receives and monitors a periodic income file, sent by the outsourcing bank or broker, of income received.
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