Withholding Tax Reclaims
Goal is a trusted partner of all four depositary banks offering withholding tax reclamation services relating to certain depositary shares, registry shares, and other similar securities for which the depositary acts as issuer and/or paying agent.
We collaborate with all stakeholders, including custodians, issuers, tax authorities, the Depositary Trust & Clearing Corporation (DTCC), transfer agents, registered shareholders, and participants to ensure correct and efficient withholding tax reclamation through relief at source, quick refund and long form reclaims, using our award-winning application, ADRoit™.
Goal provides support during every step of the journey. Our service includes the creation of important notices, tax documentation generation and validation services, claim reconciliation, support with foreign tax authority audits, OFAC compliance support, payment and FX services.
We are also partnered with global transfer agents who utilise the same tax relief services on repatriated ordinary shares. We work with transfer agents to offer tax reclamation processing services (relief at source, quick refund and long form), including detailed analysis and reviews, preparing and sending important notices, identifying key dates, claim reconciliation, sanction list reviews, election reports and dividend payments.
Goal has hundreds of unique DTC numbers registered on the ADRoit™ platform, which make up most of the participants who elect for tax relief.
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Withholding Tax Reclaims: FAQs
Goal provides two services – a cloud-based application called GTRS, available as a SaaS, and an outsourcing service. Clients can either use GTRS, which provides high levels of automation to process withholding tax reclaims including the calculation and completion of forms, or ask us to process the reclaims on their behalf.
The indicative timeframe to receive payment varies by market, however Goal can advise the timeframes on a case-by-case basis. We also ensure that if you outsource the service to us, we track claims at every stage ensuring we follow up when these indicative timeframes approach. We will also keep you up to date via our interactive, dedicated client portal and through our regional client services representatives.
Withholding tax is levied from nearly all cross-border investments, depending on the entity, residency, and market of reclaim, you may be entitled to reclaim a percentage of the withholding tax deducted. Goal is also able to provide a proof of concept, where we run your data through our technologies to assess opportunities. Please contact your regional sales team to arrange a proof of concept.
No. We do not provide tax advice or act as advisors. The information we provide is based on experience in a very niche area of the market.
Depending on the service you select, we can offer extremely compelling and flexible pricing. GTRS is available as an annual subscription and the outsourcing is usually a percentage of the monies reclaimed, or an annual processing fee. To be as competitive as possible, we will always assess each situation individually. Please note that some more difficult markets may have alternate fee structures, but we will always inform you of any variations as well as any out-of-pocket expenses before we proceed. Please contact our sales team for more information.
We currently support all stock types and all client types and if a new one is introduced to us; we will research feasibility before proceeding. As we have a dedicated global research team who use a variety of sources to obtain this information, we are flexible on the service we provide.
We provide truly global coverage, including those markets that others may shy away from. While we are aware of some market specific challenges e.g., when reclaims need to be routed via a paying agent or custodian or where local agents need to be used, we will always endeavour to work with our clients to assess viabilities and maximise returns.
Goal is ISO27001 accredited and was one of the first firms to achieve this esteemed accolade. With all applications hosted in AWS and globally recognised assurance that client data is not only secure but entirely segregated, we have maintained this accreditation for a number of years and are audited at least once annually.
As mentioned, Goal provides global coverage, including difficult markets, which some Custodians may not offer. Secondly, we have over 30 years’ experience in the withholding tax reclaim space, great relationships with the tax authorities, a dedicated global research team, centralised operations, and dedicated client services. We will also process reclaims within a much shorter timeframe, typically within 3 business days of an event being triggered (once a client is fully on-boarded). Additionally, as a niche service provider, we give this area our full attention.
As soon as the client is on-boarded and we have all the documentation we need, we aim to process reclaims within 3 days of receiving the tax vouchers/credit advice and import files.
As part of the service, we offer an interactive dedicated client portal where you will be able to view the status of your reclaims, past and present.
When on-boarding clients, we request information through a beneficial ownership questionnaire. Based on the entity, stock, residency, and market of reclaim, we can provide guidance on what documentation is needed in advance of us processing the reclaims.
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Goal Group’s Charlotte Baker Senior Client Services Manager, was recognised as Rising Star at the prestigious Asset Servicing Times Awards, highlighting her exceptional growth and