New York, NY (PRWEB) May 07, 2013
Globe Tax Services, Inc. (GlobeTax) announced the official launch of ESP Reports during DTC’s Annual Tax Forum on April 26th. ESP is GlobeTax’s proprietary inbound relief and reclaim filing system, used primarily by DTC Participant banks and brokers. ESP Reports is a real-time web-based tool that enables DTC Participants to research and reconcile claim submissions for Depositary Receipts (DRs) and like instruments. ESP Reports provides beneficial owner breakdowns for payments and automatically notifies DTC Participants of payments and other time-sensitive claim statuses in the event of incomplete or incorrect filings, through push email notifications.
“GlobeTax’s unique market position provides us great insight on the type of tax reclaim reporting offered by various custodians around the globe,” said Martin S. Foont, President & CEO of GlobeTax. He continued, “The real-time comprehensive reporting we will now make available through ESP Reports demonstrates our continuing commitment to develop the highest quality business tools to support the global investment community.”
Jose Bisono, GlobeTax’s Managing Director & COO added, “ESP Reports fills a desire by the DTC Participant community for greater transparency on claims they have filed. While GlobeTax is not a custodian, we do serve certain similar functions in supporting reclaim processes for the Depositaries issuing DRs. It is important to us to make ESP available in real-time mode for maximum utility.”
Brett Lewis, Director of GlobeTax Depositary Services, said, “ESP Reports reduces risk for DTC Participants by empowering them to reconcile their outstanding DR reclaims in real time. They can now easily confirm receipt of claims by GlobeTax and will have the ability to track a claim’s progress from receipt, to filing with the local market agent or tax authority, to ultimate payment. It will also reduce reconciliation time frames, a particularly useful feature in situations of tight deadlines. The ESP Report’s beta test group was very pleased with the benefits the new application provides. We believe the DTC Participant community and their clients will recognize significant gains in efficiency and transparency by making use of ESP Reports.”
ESP Reports is available to all current ESP users. Inquiries should be directed to ESPReports(at)GlobeTax(dot)com to the attention of Jonathan Staake.
GlobeTax is the world’s premier provider of research, relief, tax recovery and information reporting services for financial institutions and their cross border investor clients. The firm is the market infrastructure for all claims on American Depositary Receipts (ADRs). GlobeTax researches tax treaties in over 230 jurisdictions in order to provide tax recovery for all applicable markets for clients resident in over 40 countries. Clients include all types of beneficial owners, custodians, prime brokers, depositories, depositaries and withholding agents.
ESP is GlobeTax’s proprietary inbound reclaim filing system. Users upload beneficial owner data (for eligible holders) of DRs and similar securities for the purpose of obtaining cross-border withholding tax relief. ESP also produces requisite market and security specific documentation automatically for users based on the data uploaded to ESP. ESP now manages relief and reclaim applications for 12 major investment jurisdictions, and is expanding into additional markets. Since its 2009 implementation, banks and brokers have filed for tax relief and recovery on over 12 billion DRs (or equivalent instruments), on behalf of over four million investors.
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