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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. The activity of filing tax reclaims 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 expertise and infrastructure necessary to file reclaims successfully is time consuming, costly, and labor intensive, particularly for large financial institutions with multiple client types.
We provide a full outsourcing solution to financial institutions. Our suite of solutions facilitates the processing of data and submission of reclaim applications on behalf of multiple beneficial owners., our services are tailored to meet the specific needs custodians and are designed to be integrated seamlessly with our clients’ in-house processes. GlobeTax’s eDocs document management portal allows financial advisors to submit all information necessary to set up a client account with GlobeTax. The system automatically generates required documentation, streamlining the account opening process and facilitating 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 is able to continually process reclaims and relief at source 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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