Abel Noser Solutions Partners with WTax to Offer a Global Tax Refund Service that Could Save Some Clients Millions
NEW YORK, Dec. 9, 2020 /PRNewswire/ — Abel Noser Solutions, an industry-leading provider of TCA and compliance analytics has partnered with WTax, a leading global withholding tax recovery specialist to offer clients an easy way to recover overpaid taxes on foreign-listed investments. Foreign withholding tax recovery is a complex and time-consuming process that can span multiple languages, procedures, and mechanisms used across the globe. The service is being made available to clients at no cost unless a refund of overpaid taxes is realized.
“Many asset owners are not recouping all of the global withholding tax overpayments they are legally entitled to,” explained Steve Glass, Abel Noser’s Co-CEO. “These taxes, assessed by foreign governments on the dividend and interest payments accruing to foreign equity and fixed income holdings can run into the hundreds of thousands and even millions of dollars each year and represents an important component of the explicit costs, along with commissions, measured by our firm.”
“We have experts on the ground in over forty countries to ensure withheld taxes on investment income are successfully refunded to our clients,” noted Daniel Ginsburg, CEO of WTax. “No matter the claim type, we collect the data and documents and complete these on our clients’ behalf. Additionally, clients can easily track their claim progress through WTax’s live online reporting portal or with their own dedicated account manager.”
“Most asset owners assume their existing process ensures all eligible withholding taxes are recouped. However, certain claims require regulatory and court filings that need to be submitted to investment country authorities and this creates a significant administrative burden,” said Julia Bricker, MD of WTax North America.
“We welcome this partnership with WTax, which provides a valuable service to both the asset owners and asset managers that we work with,” said Peter Weiler, Co-CEO of Abel Noser. “By maximizing these refunds, it takes the hassle out of international withheld taxes. In fact, when done correctly, withholding tax recovery can equate to as much as 20% of all foreign dividend and interest income earned. As such, we see this service as a big plus for our clients.”
About Abel Noser Solutions
Abel Noser Solutions has long been respected as a leader in the campaign to lower the costs associated with multi-asset trading. With hundreds of clients worldwide, Abel Noser Solutions offers innovative software products along with consultative and bespoke services in the areas of trade analytics, compliance, and trade surveillance. The firm continues to hold its place as the leading innovator in TCA, compliance software, and service solutions. Learn more at www.abelnoser.com.
WTax is a division of the VAT IT group, an indirect tax recovery firm with global reclaim capabilities, an extensive network and infrastructure that provides specialist, fully outsourced foreign withholding tax recovery solutions in over 30 jurisdictions. WTax’s investment in and vision of a truly automated reclaim process, coupled with two decades of indirect tax knowledge, allows their clients to be free of the administrative and complex reclaim processes which hinder investment performance. WTax currently services over 4,000 clients ranging from $10M to $1T AUM and enhances their clients’ annual performance by up to 10bps per annum. For more information, please visit www.wtax.co.
Abel Noser Holdings
SOURCE Abel Noser Solutions