GlobeTax Automates CA Web Withholding Tax Elections
Incorporating ISO 20022 messaging standards into the firm's MIDAS relief at source service reduces the risk and time involved in securing a favorable withholding tax rate on global income payments.
NEW YORK, May 3, 2019 /PRNewswire-PRWeb/ -- GlobeTax, the world's leading provider of withholding tax relief and recovery services, is pleased to announce the incorporation of automated CA Web elections into the firm's MIDAS® relief at source service. This innovation leverages ISO 20022 messaging standards to provide complete end-to-end processing, lowering the risk and time involved in securing a favorable tax rate on global income payments.
With best-in-class document management, rate and rule tracking, and subject matter expertise, GlobeTax's MIDAS service helps financial institutions secure relief at source on ADRs, Canadian shares, and other international securities held at DTCC. The ISO 20022 enhancement leverages data and documentation to automatically generate CA Web elections, and delivers reconciled figures to DTCC through a secure MQ messaging channel.
This upgrade reduces time-consuming manual processing and eliminates common points of failure such as inverting or mistyping election results. Thanks to ISO, managers can avoid devoting resources to tedious tasks like reconciliation and error-identification and instead dedicate attention to value-adds like exception processing.
Brett Lewis, GlobeTax's Chief Information Officer, summarized the impact of the innovation: "GlobeTax is constantly searching for new ways to deliver value. In this case, we leveraged a global messaging standard to deliver the benefits that our clients and their investors love with less risk, less work, and more accurate tax elections."
Martin Foont, GlobeTax's President and CEO, echoed the sentiments: "For nearly three decades, GlobeTax has maintained a single-minded focus on enhancing financial market infrastructure. Automating CA Web elections through ISO 20022 messaging is but the latest innovation that helps realize our driving vision: No investor overpays withholding tax."
To learn more about GlobeTax's MIDAS service, please contact [email protected].
About GlobeTax
GlobeTax is the global leader in cross-border tax relief, recovery, and reporting services for the investment community. GlobeTax researches tax treaties in over 245 jurisdictions to provide tax recovery for clients resident in over 40 countries. Clients include all types of beneficial owners, custodians, prime brokers, depositories, depositaries, and withholding agents. Founded in 1992, the firm is headquartered in New York City.
SOURCE GlobeTax
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