Tax Processing
GlobeTax's core product offering is tax processing. The optimization of beneficial owner's withholding tax position on cross border income. Tax optimization is so-called because there are two broad categories of process that can be used to "optimize" tax. The first, and most efficient for the investor, is relief at source. However, in many jurisdictions, relief at source is not available to everyone and so the other broad category of process we address with our products is remedial reclaims. As there are different parts of the market that use tax processing services in different ways, we have several products designed to meet those various needs.
Beneficial Owner services provide tax optimization through relief at source and remedial tax reclaims where we are contracted dir
ectly by ultimate beneficial owners. Under authority from our beneficial owner clients, we collect and collate income data and documentation, monitor and analyze for potential recoverables and file directly to market, subsequently paying recovered tax back to your custody or brokerage accounts.
TRSB and Outsourcing are services provided to custodian banks that have many clients to look after and special needs to be able to manage a variety of client types and residencies. TRSB offers a full V-STP tax processing model while Outsourcing provides a traditional set of data transfer options.
Utilities
Where market process dictates that American Depositary Receipt reclaims must flow back through the sponsoring depositary, we act for all the depositaries to facilitate their obligations to process reclaims on the underlying shares. Equally, we also
provide Issuers with corporate governance-based "Shareholder Value Programs". Some other utilities also offer limited relief at source programs for their members. While these programs can be effective, many members still have problems meeting the deadlines imposed for calculation of elections - hence we successfully support those members with products such as EDS Assist® and the Eurobond long form protocol.
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