US investors and financial institutions with American clients have welcomed the creation of an automated withholding tax reclamation service, unveiled earlier this month.
Withholding tax is reclaimable on dividends and income paid on the overseas holdings of US investors, through both direct investment and ADRs. However, the process via which investors must reclaim the tax is both arduous and complicated, meaning that the reclaim volumes for cross-border holdings on behalf of US investors are much lower than in Europe.
The service, which is the brainchild of software firm GOAL, and tax consultancy, the M Group, is designed to address the 11% of US investor portfolios, (amounting to around $2.1 trillion) that is invested in foreign securities.
Speaking following the launch of the new service, GOAL's managing director, Stephen Everard explained that: 'There is a growing demand in the US market for a truly effective outsourced tax reclaim service, with investors fully focused on the efficiency of their return on investments.'
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