Cross Border Fiscal Services

Overview

globeSettle Cross Border Fiscal Services enable intermediaries to recover foreign tax withheld at source according to the Double Taxation Treaties signed between the client domicile and the security domicile. To do so, globeSettle is supported in the execution phase by GlobeTax, the internationally renowned specialised service provider.

For specificities of each market, please refer to the relevant section available here.

Service Offering and Tax Reclaim Procedure

globeSettle is able to provide for the Relief at Source tax refund process and the Long-Form reclaim on the markets where the procedures are allowed by law.

The Tax service, offered in cooperation with GlobeTax, is provided through the ESP portal where customers are allowed to submit and store their instructions and forms for the outstanding reclamation. Periodical reconciliation and reporting are also available through the ESP.

After receiving the documentation for reclaim purposes, globeSettle manages the client requests as follows:

  1. Documentation check: globeSettle manages accuracy of the documentation provided by the client;
  2. Interfacing with local authorities: when required and allowed, globeSettle interfaces with the local market Tax Authorities;
  3. Follow up of the submission of the file to the local Tax Authorities;
  4. Reconciliation of the outstanding reclaims and applications with globeSettle own records.

After receiving funds from the Tax Authority, globeSettle instructs on the same date the payment of the due amounts in favor of the relevant intermediaries using a SWIFT message. globeSettle sends the refund advice via email and via a SWIFT message, containing specific information and the tax reclaims reference number. globeSettle automatically pursues all outstanding reclaims which have passed their expected refund date.