Exchange Data International Limited (EDI), the premier provider of high-quality, accurate international securities data together with GlobeTax, the world’s largest and most successful provider of outsourced withholding tax services company today announces a major scaling up in its online market reference data product “e-TaxData Online” adding an additional 71 markets of issue to the existing 91 markets already covered. This launch comes less than a year after GlobeTax began development of its online withholding tax information service, to provide withholding tax rates to the financial services and investment management community.
Equities and fixed income instruments held cross border generally have a high statutory withholding tax deducted in the country of issue. However, if a double tax treaty exists between the issuing country and that of the ultimate recipient’s residency, there may be an entitlement to recover some of this “over-withheld” tax. Research indicates that there could be close to a trillion dollars of recoverable tax in the market at any one time, of which only a small proportion of which finds its way back to its rightful owners.
Jonathan Bloch, CEO and founder of EDI said, “Even though this rate information is crucial to corporate actions processing, until GlobeTax developed their product, there has not been a combination of a data provider of sufficient scale and scope, nor the technology to make it available in a usable form. e-TaxData Online will be available to our customers as an additional tab on their existing EDI screens.”
e-TaxData Online was launched in February 2005 as an online data research and analysis tool for custodians as well as the fund and investment management community. Subscribers have access to GlobeTax’s withholding tax rate data, used by the firm to support its global tax reclaim services where it files over a million reclaims a year for its clients.
GlobeTax is the world's pre-eminent supplier of withholding tax services to the financial services and investment community. GlobeTax provides market reference data as well as tax processing services, filing over a million reclaims for clients globally.
