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GlobeTax was founded in 1992 on the principle that existing service offerings for processing withholding tax reclaim applications was inadequate to satisfy the needs of global investors. GlobeTax’s founder, Martin S. Foont, an experienced financial industry executive who continues today as President and CEO, identified this issue and built a comprehensive solution to address it, at the outset of what would become the largest expansion of cross border investment in the history of the world. A primary driver of the firm’s success is that GlobeTax views its clients as partners. The company’s objective is to anticipate and respond to the needs of the marketplace and provide the best cross border withholding tax reclamation services possible.
GlobeTax currently offers full service tax reclaim services to all financial institutions and investor types including Global Custodians, banks, brokers, hedge funds, pensions, and endowments as well as high net worth individuals. The full service offering is comprehensive from start to finish. GlobeTax will manage and renew all client level documentation, monitor the client’s cross border investment income, file all reclaim applications, manage all follow up and ultimately ensure that entitlement funds are returned to the client’s account.
Additionally, GlobeTax has become the sole outsourcing provider on behalf of the four U.S. Depositaries that issue ADRs. In this capacity, GlobeTax manages the market infrastructure for processing tax reclaims on behalf of holders of ADRs (American Depositary Receipts). As the central hub of tax reclaim activity on ADR income, GlobeTax has been able to develop a uniform reclaim and relief process for the community of ADR holders and their financial institutions as well as Registered Holders. GlobeTax leverages its long-standing working relationships with foreign tax authorities and foreign issuers to offer the most efficient withholding tax recovery service available in the market.
In 2003 GlobeTax, opened its first non-US office in London, England, and hired withholding tax and financial industry expert Ross McGill to spearhead the firm’s European efforts as Managing Director.
In September of 2005, GlobeTax officially launched the Tax Reclaim Service Bureau (TRSB) via the SWIFT network (Society for Worldwide Interbank Financial Transactions). TRSB is the first and only SWIFT-approved and licensed service bureau dedicated to providing an outsource service for tax reclamation operations on the SWIFT network. The introduction of GlobeTax’s V-STP service offered SWIFT member banks a means of achieving full Straight Through Processing when filing tax reclaims on behalf of their clients.
In 2006, GlobeTax launched two market reference data products, eTaxData Online and StatRate. As cross border withholding tax issues become increasingly complex and the volume of international investment continues to grow, GlobeTax strives to develop services which enable all financial industry participants to benefit from the recovery of excess withholding tax, and continues to expand into new markets. GlobeTax looks forward to the future and the role it will play in streamlining tax reclamation processes, while maintaining the same commitment to uncompromised excellence.
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