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Swift User


The Issue

Even if you have built a process internally, licensed software or just maintain spreadsheets, withholding tax is still predominantly manual. You still have to get reclaim forms from tax authorities, documentation from clients, do tax research, fill in the forms, liaise with local tax authorities, incur mailing costs to file with foreign tax authorities, and spend time and money chasing after reclaims, often for years. It all costs a great deal of money.

Even spending all that money, many custodians don't offer a full service and withholding tax is becoming more of an issue with clients who demand the maximum return on their investments.

So, why can't you have withholding tax as a Straight Through Processing function - STP?

The answer: NOW YOU CAN!. GlobeTax has launched Tax Reclaim, a Service Bureau on the SWIFT network that allows you to partially or completely automate the whole process; and the cost savings can be as much as 65%.

The Solution

The Tax Reclaim Service Bureau is an approved Service Bureau on the SWIFT network.

Using SWIFT messages and FileAct, subscribers can send income data and beneficial owner data securely over the SWIFT network to the TaxReclaim Service Bureau where ALL the hard and manual work is done for you and your clients.

After assessing income on a per-client, per-event basis, the Tax Reclaim Service Bureau provides, again over the SWIFT network, receivables postings for your client's accounts as well as regular detailed reports of the progress of client and proprietary reclaims and finally, easily reconcilable credits of reclaim funds.

Apart from a nominal subscription of Euro 1,200.00 a year, the Service Bureau only charges for reclaims filed. The following withholding tax processing services are FREE for Tax Reclaim Service Bureau subscribers:
               1. Income monitoring
            2. Tax Research
            3. Local relief at source applications
            4. Documentation (acquisition & management) 
To receive more information, contact us to obtain a quote.

 Click here to see a Fact Sheet
 Click here to see a White Paper
 Click here for information on SWIFTNet Corporate Actions





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