GlobeTax - Tax Reclaim Service Bureau (TRSB)

TRSB

TRSB is a Service Bureau operated by GlobeTax and authorized by SWIFT to provide value added services to the SWIFT user community.

TRSB represents a Virtual STP Process (V-STP). Using V-STP, custodians can replace their manual processes with a completely STP tax optimization process. TRSB uses SWIFT connectivity combined with ISO15022 standards and Value Node Processing to deliver the highest quality electronic tax optmization process currently available anywhere. Value Node Processing is a custodian's ability to access processing skills such as tax reclamation, electronically on the SWIFT network.

TRSB allows subscribing institutions to:

Outsource all or part of their existing withholding tax functions to GlobeTax to automate the corporate actions process using ISO15022 standard messaging;
Set-up a new V-STP based withholding tax service;
Send income data to GlobeTax under authority from a client already contracted to use GlobeTax.

Metrics

TRSB replaces the need for internal or third party software.

Volume		1.7 million+ reclaims filed annually
Fail Rate		0.00%
Instrument types		Ordinary Shares (ORDs), Fixed Income (Bond interest) including Eurobonds, Depositary Receipts (ADR, GDR, NYRS)
Beneficial Owner Types		Corporations, Foundations, Funds, Individuals, Nominee, Omnibus, Partnerships (Complex and Simple) Sovereign Entities, Trusts
Specialist Areas		Hedge Funds, Offshore Master/Feeder

Service Elements

The following service elements are included within prices quoted:

Document acquisition & management		Data scrub
Global withholding tax research		Legacy and "at risk" reclaim service
Ongoing income monitoring		Applications for Relief at Source/ exemption
Reclaim identification		Reclaim Form completion
Local certification assistance		Filing to tax authorities / agent banks
Quarterly status reporting		Follow-ups
Reconciliations		Payments

Connectivity Options

Data for the service is transmitted between a Subscriber's BIC and an additional destination BIC "ADBIC" issued for the purpose. Three modes of transmission are available:

FIN		All data transmitted and received in ISO15022 format within FIN message types MT574, MT566 and MT598
FileAct		All data transmitted and received to pre-agreed format wrapped in FileAct files
Combo		Combination of FIN and FileAct transmissions based on subscriber set up and requirements

Subscription

In order to subscribe to TRSB, a SWIFT user institution must:

Apply for an ADBIC and assign its management to TRSB
Complete a Service Level Agreement (SLA)

Integration

TRSB can connect to any corporate actions platform that is able to output ISO15022 format data or ASCII text files.

Data Protection

TRSB requires personal data regarding beneficial owners of securities income. Information about subscribers is held in electronic form in the USA. GlobeTax is a certified signatory to the Safe Harbor Act approved by the EU Commission on Data Protection. Please click here to see our privacy policies and rules.

To discuss TRSB please click here.

To Download the TRSB Fact Sheet, please click here