Data Services
In 2006, recognizing a need in
both the funds and custodians industry, GlobeTax launched a new subsidiary GlobeTax
Data Services, Inc. to provide market reference data related to withholding tax. Recipients of cross border investment income need market reference data to make sure that deductions made from gross income are correct both at the statutory level and, if applicable, at the treaty level. If they or their custodian is optimizing tax through relief at source applications and/or remedial tax reclaims, fund managers also need to know related market reference data such as applicable statutes of limitations and the expected market average time for recovery. Fund managers use this data as benchmarks of their custodian's
performance.
Custodians and brokers themselves, collectively intermediaries, are usually part of a payment chain where deductions can occur in the process above them. So, in similar vein, intermediaries need to have independent, high quality data to make sure that what is arriving in their systems is accurate and consistent at the statutory level. Once within their systems, if the intermediary is processing tax reclaims internally, they will also need treaty level data and the same statutes and recovery averages to create their own internal benchmarks or key performance indicators (KPIs) so that they can report to clients on their performance to market averages.
GlobeTax provides two ways for both the funds side of the industry and the intermediary side to access these data - e-TaxData Online, a web-based tax database query tool and e-TaxData Distribution, an automated data feed delivered via the SWIFT Data Distribution Service. For more information, click on the relevant links.
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