Euroclear Bank launches TaxGenix
06 September 2010 Brussels
Image: Shutterstock
Euroclear Bank today launches an electronic tax relief and reclaim management service - TaxGenixTM. This new and innovative development will help market participants automate the filing
for, and processing of, tax relief and tax reclaims involving international and domestic securities from 28 markets worldwide.
Holders of foreign bonds, equities and taxable Eurobonds are often subject
to withholding taxes, depending on the jurisdiction of the instrument.
Given the lack of harmonised tax laws and procedures across the global
capital markets, successfully attaining relief or reclaims of taxes already
paid in a timely manner is an administrative burden.
With unparalleled breadth of coverage, TaxGenix empowers clients to manage
centrally and electronically their "quick" tax-reclaim and "relief- at-
source" filings across a large range of securities held in Euroclear Bank.
At the click of a button and regardless of location, clients can access
information on tax-relief filings and payment deadlines, and the relevant
tax certification forms. Once clients input the relevant instructions, they
may follow the lifecycle of their tax-relief related operations in real
time. TaxGenix significantly improves processing time and back-office
efficiency,
and will be free of charge until mid-2011.
Jo Van de Velde, Managing Director and head of Product Management at
Euroclear, said: "Clients often struggle with the various requirements and
paper documentation needed to file tax reduction requests, which differ by
asset and jurisdiction. Now, by using TaxGenix, they are able to view
upcoming tax events on their holdings, reconcile tax-related payments and
manage their tax-relief certifications from a single, secure portal. It is
a
highly sophisticated tool that puts the client in full control. Clients
have never before had such a simple and efficient way to manage burdensome
tax-relief procedures in order to avoid excess taxation. With TaxGenix,
they can leave behind the problems associated with manual procedures."
Catherine Delory, head of Tax Administration at Bank Degroof, commented:
"TaxGenix has great added value. From just one interface, it is possible to
input tax certifications, provide tax breakdowns and consult tax reports.
Furthermore, all of our pending claims are updated and accessible in real
time, providing intelligence on exactly where in the lifecycle each claim
is situated."
More features will be added to TaxGenix over the next few months, providing
full straight-through processing from client input through to the receipt
of the final
cash payment for all types of tax reclaims.
for, and processing of, tax relief and tax reclaims involving international and domestic securities from 28 markets worldwide.
Holders of foreign bonds, equities and taxable Eurobonds are often subject
to withholding taxes, depending on the jurisdiction of the instrument.
Given the lack of harmonised tax laws and procedures across the global
capital markets, successfully attaining relief or reclaims of taxes already
paid in a timely manner is an administrative burden.
With unparalleled breadth of coverage, TaxGenix empowers clients to manage
centrally and electronically their "quick" tax-reclaim and "relief- at-
source" filings across a large range of securities held in Euroclear Bank.
At the click of a button and regardless of location, clients can access
information on tax-relief filings and payment deadlines, and the relevant
tax certification forms. Once clients input the relevant instructions, they
may follow the lifecycle of their tax-relief related operations in real
time. TaxGenix significantly improves processing time and back-office
efficiency,
and will be free of charge until mid-2011.
Jo Van de Velde, Managing Director and head of Product Management at
Euroclear, said: "Clients often struggle with the various requirements and
paper documentation needed to file tax reduction requests, which differ by
asset and jurisdiction. Now, by using TaxGenix, they are able to view
upcoming tax events on their holdings, reconcile tax-related payments and
manage their tax-relief certifications from a single, secure portal. It is
a
highly sophisticated tool that puts the client in full control. Clients
have never before had such a simple and efficient way to manage burdensome
tax-relief procedures in order to avoid excess taxation. With TaxGenix,
they can leave behind the problems associated with manual procedures."
Catherine Delory, head of Tax Administration at Bank Degroof, commented:
"TaxGenix has great added value. From just one interface, it is possible to
input tax certifications, provide tax breakdowns and consult tax reports.
Furthermore, all of our pending claims are updated and accessible in real
time, providing intelligence on exactly where in the lifecycle each claim
is situated."
More features will be added to TaxGenix over the next few months, providing
full straight-through processing from client input through to the receipt
of the final
cash payment for all types of tax reclaims.
NO FEE, NO RISK
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