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Compile irrefutable proof that is accepted by foreign tax authorities.
Many U.S. investors and funds have assets with foreign companies. These equities fall under local jurisdiction, and countries in search of more tax revenue are becoming more aggressive in collecting revenue on fund dividends. These taxes, as high as 35% in some countries, are automatically deducted before payout. Cumulatively, the foreign tax withholdings on dividends number in the billions each year.
However, the U.S. has bilateral tax treaties in place with countries that could keep clients from overpaying. The agreements set thresholds for direct and indirect shareholders residing in the U.S. that, when met, increase the amount of dividend taxes that can be reclaimed from foreign tax authorities. These allow clients to avoid the higher tax rate and recoup more of their assets.
Standards for proving a successful reclaim, though, are stricter than ever. Using Broadridge’s Global Tax Reporting Solution, asset managers can compile irrefutable proof that is accepted by foreign tax authorities.
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