GlobeTax has launched a SWIFT Service Bureau to automate tax reclaims and relief at source for custodians, asset managers and brokers. The service is called TaxReclaim. The service bureau allows financial intermediaries (FIs) to provide a comprehensive withholding tax service for the benefit of their clients while alleviating much of the overhead expense of this back office activity. The service is available to over 7,650 SWIFT user institutions and the first users are expected to be operational with the service by September. The ‘beneficial owner’ and ‘income’ data needed for tax processing is sent from the subscriber’s primary BIC (Bank Identifier Code) to a dedicated additional destination BIC managed securely on the subscriber’s behalf by the service bureau. Once received, the service bureau checks the quality of the data, calculates the reclaim, completes the correct forms, appends the additional required documents, files and follows up on the reclaims. Reporting via FileAct keeps the FI up to date with its compliance and fiduciary duties and the subscriber finally receives tax reclaim funds automatically to allow the credit of its client accounts.
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