FinTech Recap 2H2017
The financial services conference circuit: a whirlwind of non-stop information propagation. While the back-to-back PowerPoints, continental breakfasts, and business card exchanges can fatigue the heartiest corporate road warrior, there is simply no substitute to being ‘in the room where it happened.’
International Tax Reclamation: Debunking Misconceptions & Uncovering Opportunities
Does your fund invest in international securities? If so, there’s a good chance you’re overpaying your taxes. When foreign securities – either ordinary shares or depositary receipts – pay dividends, that income is often subject to foreign withholding taxes in addition to taxes in the domestic jurisdiction.
Sibos 2017 Takeaways
Although the GlobeTax team ventures regularly to Toronto, few excursions are as stimulating as the most recent: SWIFT’s 39th annual Sibos conference. While it is difficult to distill the four-day, 8,000-person whirlwind comprehensively, the firm’s attendees discuss their major takeaways from this year’s gathering.
GlobeTax Welcomes Craig Dudsak as a Managing Director of Sales
GlobeTax, the world’s leading provider of cross-border tax relief, recovery, and reporting services to the financial services and investment community, is pleased to welcome Craig Dudsak as a Managing Director of Sales in the firm’s New York office.
GlobeTax Launches MIDAS™: Global Relief at Source Processing Service
GlobeTax announces the launch of MIDAS™, the market’s first and only comprehensive solution for global relief at source processing. The new platform expands upon GlobeTax’s previous EDS Assist® solution, which led the market in processing DTCC-eligible securities like American Depositary Receipts (“ADRs”) for over a decade.
Fiduciary Rule Phase II Implementation Delayed
A U.S. Department of Labor (DoL) proposal to delay implementing Phase II of the Fiduciary Rule has been approved.
Introducing MIDAS™ – The Relief at Source Gold Standard
Nearly US$90 billion (20%) of the US$525 billion paid in dividends across eight major markets is withheld annually by foreign tax authorities. Fortunately, investors may be able to recoup almost half of that amount (US$39 billion) and often rely on their financial institution to facilitate the recovery process.
Global Relief at Source: The Tax Gold Standard?
While long form reclaims involve long waits for a refunds, relief at source allows investors to receive full entitlements, taxed at the correct rate, on pay date.
Fund Managers Reclaiming Overpayments Must Keep Pace with the Market
Due to the inability of some foreign governments to determine beneficial owner identities, many funds undertaking cross-border investments lose more money in tax payments than strictly required by law.