GlobeTax Announces Launch of Two New Markets on ESP

News provided by

GlobeTax Services

Sep 16, 2015, 10:00 ET

New York, NY (PRWEB) September 16, 2015 -- Globe Tax Services, Inc. (GlobeTax), the world’s leading provider of tax relief, recovery and reporting services to the financial services and investment community announces the addition of Denmark and Philippines to the list of markets supported by its ESP system.

ESP is rapidly becoming the standard submission portal used by the financial services industry for beneficial owner disclosure and applications for withholding tax relief. ESP has over 800 registered users who have filed over 11.5 million claims on over 4,600 security events for the benefit of millions of investors.

In the US, the portal allows DTC Participant banks and brokers to submit American Depositary Receipt (ADR) and US-listed foreign share withholding tax reclaims to the issuers’ agent(s) for processing online. ESP provides claim status tracking and beneficial owner breakdowns for payments, and automatically notifies DTC Participants of payments and other time-sensitive claim statuses.

GlobeTax works in coordination with the DTC, the depositaries (ADR Issuers) and the issuers’ transfer agents to ensure the availability of relief and reclaim processes for ADRs and US-listed foreign shares.

Internationally, ESP is available to CSDs, sub-custodians and withholding agents to manage cross border tax document solicitation and validation, withholding calculations, tax relief and standard reclaim filings as well as counterparty and regulatory reporting.

Martin S. Foont, GlobeTax’s President and CEO stated, “Accuracy and efficiency of process are top priorities for GlobeTax. Our role is to help maintain a system and network that enables international investors and their financial institutions to receive their full legal entitlements. One of the great benefits of ESP is that it provides confidence to tax authorities and other counterparties regarding the integrity of the claims processes it supports.”

To ensure compliance, ESP helps prevent over-claiming at the DTC account and sub-custodian level through a number of verification and reconciliation processes.

ESP now supports claims on issues from:

  • Belgium
  • Denmark
  • Finland
  • France
  • Germany
  • Ireland
  • Israel
  • Italy
  • Japan
  • Korea
  • The Netherlands
  • Philippines
  • Russia
  • Spain
  • Sweden
  • Switzerland

DTC Participants may register to use ESP by visiting https://esp.globetax.com/

About GlobeTax
GlobeTax is the world’s leading provider of tax relief, recovery, research 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 clients resident in over 40 countries. Clients include all types of beneficial owners, custodians, prime brokers, CSDs, depositaries and withholding agents. The firm, founded in 1992, is based in New York, with offices in London, Hong Kong, Madrid, and Sydney.

For more information, contact:
MediaRoom(at)GlobeTax(dot)com

Len Lipton, GlobeTax Services, +1 (212) 747-9100, [email protected]