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| Additional information |
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| Globe Tax Services, Inc. |
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Overview:
Founded in 1992, GlobeTax is the world’s leading provider of tax reclamation services to the investment community. Each year, billions of dollars in taxes are over-withheld from investors by foreign tax authorities. The process of recovering these funds can be quite difficult and requires a detailed understanding of the complex reclaim filing processes and requirements in each foreign market. GlobeTax helps our clients maximize returns on their cross-border investments by recovering taxes which have been over-withheld. These funds are legal entitlements, mandated under the terms of bilateral double taxation treaties.
GlobeTax clients receive, in the shortest timeframe, the maximum funds to which they are entitled through our unique outsourcing service. GlobeTax monitors the tax reclamation process from start to finish, beginning from the moment dividends or interest are paid on a foreign security. We file and track each application through all required form preparations and filings until the reclaimed funds are posted into our clients' portfolios. Each step in the procedure is managed to comply with institutional and client reporting standards. GlobeTax currently files more than 2 million reclaims a year, with a 100% success rate.
GlobeTax acts as the tax reclaim processing agent for the four major US depositaries issuing ADRs. GlobeTax, with the aid of the Depositary Banks, initiates the most efficient and advanced processes available for tax reclamation in the ADR and Global Share marketplaces.
In addition to tax reclamation services, GlobeTax also provides a full suite of comprehensive research and market data services to the investment community. |
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History:
GlobeTax was founded in 1992 on the principle that existing service offerings for processing withholding tax reclaim applications was inadequate to satisfy the needs of global investors. GlobeTax’s founder, Martin S. Foont, an experienced financial services industry executive who continues today as President and CEO, identified this issue and built a comprehensive solution to address it, at the outset of what would become the largest expansion of cross border investment in the history of the world. A primary driver of the firm’s success is that GlobeTax views its clients as partners. The company’s objective is to anticipate and respond to the needs of the marketplace and provide the best cross border withholding tax recovery services possible.
GlobeTax currently offers full service tax reclaim services to all financial institutions and investor types, including global custodians, banks, brokers, hedge funds, pensions, and endowments as well as family offices and high net worth individuals. The full service offering is comprehensive from start to finish. GlobeTax manages and renews all client level documentation, monitors the client’s cross border investment income, files all reclaim applications, manages all follow up and ultimately ensures that entitlement funds are returned to the client’s account.
Additionally, GlobeTax has become the sole outsourcing provider on behalf of the four US Depositaries that issue ADRs. In this capacity, GlobeTax manages the market infrastructure for processing tax reclaims on behalf of holders of ADRs (American Depositary Receipts). As the central hub of tax reclaim activity on ADR income, GlobeTax has been able to develop a uniform reclaim and relief process for the community of ADR holders and their financial institutions, as well as Registered Holders. GlobeTax leverages its long-standing working relationships with foreign tax authorities and foreign issuers to offer the most efficient withholding tax recovery service available in the market.
In 2003, GlobeTax opened its first non-US office in London, England, and hired withholding tax and financial services industry expert Ross McGill to spearhead the firm’s European efforts as Managing Director.
In September of 2005, GlobeTax officially launched the Tax Reclaim Service Bureau (TRSB) via the SWIFT network (Society for Worldwide Interbank Financial Telecommunication). TRSB is the first and only SWIFT-approved and licensed service bureau dedicated to providing an outsource service for tax reclamation operations on the SWIFT network. The introduction of GlobeTax’s TRSB offered SWIFT member banks a full Straight Through Processing solution for filing tax reclaims on behalf of their clients.
In 2006, GlobeTax launched eTaxData Online, a market reference data product. Since the launch of eTaxData, GlobeTax has expanded their suite of portal technology offerings to include eDocs, eCerts, and ESP. These interfaces grew out of a desire to streamline client interactions with GlobeTax and facilitate the process of gathering documentation necessary to file for recoveries.
In 2009, the firm further expanded its global reach with the hiring of Steve Farrage, who manages GlobeTax’s new office in Sydney, Australia. From there, Mr. Farrage leads GlobeTax’s activities in the Asia-Pacific region.
Also in 2009, GlobeTax introduced a new service to assist US inbound investors in reclaiming overwithheld US tax on US source dividends and interest. For custodians, GlobeTax’s Tax Information Reporting solution also supports QI and NQI compliance with US 1441 NRA regulations.
As cross border withholding tax issues become increasingly complex and the volume of international investment continues to grow, GlobeTax strives to develop services which enable all financial services industry participants to benefit from the recovery of excess withholding tax, and continues to expand into new markets. GlobeTax looks forward to the future and the role it will play in streamlining tax reclamation processes, while maintaining the same commitment to uncompromised excellence. |
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