ESP facilitates the secure and efficient transfer of beneficial owner information throughout the custody chain, ensuring account holders receive the appropriate withholding tax rate.
ESP for depositaries
Depositary banks offer depositary receipt holders the opportunity to recover over-withheld taxes on foreign investment income. Coordinating receipt of data and documentation to support international tax recovery can be complicated, requiring both expertise in filing requirements and technology to standardize incoming information.
WHAT WE DO
Coordinate with DTCC to develop Important Notices
Validate information from DTCC Participants
Allocate funds from local agents across accounts
ESP for dtc participants
Because every market has unique rules, rates, and processes, many financial institutions struggle to help investor clients meet the ever-changing administrative requirements and receive their tax entitlements.
WHAT WE DO
Provide a portal for generating pre-populated documents and uploading data
Validate incoming information to ensure it meets all market requirements
Answer questions and follow-up with Participants when errors are identified
Generate CA Web breakdown elections for Participants for Relief at Source and Quick Refund claims
ESP for Transfer Agents
Working on behalf of issuers, transfer agents are responsible for identifying and tracking registered shareholders and beneficial owners to ensure tax is withheld at appropriate rates. Collecting and verifying this information from shareholders — while managing the ever-changing rules and requirements — is a time-consuming and expensive task.
WHAT WE DO
Work with market agents to determine requirements
Distribute Important Notices to communicate requirements
Collect shareholder information and documentation
ESP for issuers
By ensuring shareholders receive the maximum return on investment through cross-border tax relief or recovery, issuers can retain existing shareholders and generate new interest in their shares. Understanding entitlement opportunities and establishing recovery process is time-consuming and administratively burdensome.
To support issuers, we liaise with the withholding agent, relevant tax authorities, and local market intermediaries to establish relief and recovery processes.