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© 2013 Globe Tax Services Inc. Depositary Receipts Market Updates September 2013
Withholding Tax Overview ESP Designated Intermediaries Depositary Reporting Market Updates Process Updates Q&A Contact Information Overview © 2013 Globe Tax Services Inc. 2
Global Equity Investment Income: Dividend Withholding Tax Recovery 3 But Endowments and Pensions are Exempt! Foreign Tax Authority 25%-35% Withheld And Other Jurisdictions 65%-85% No Reclaim of Withholding Dividend Event Occurs US Domiciled Taxpayer, Endowment or Pension Foreign ORDs and ADRs 100% Invests $$$ *Only at this point in the process are fees collected 85%-100% With Reclaim of Withholding © 2013 Globe Tax Services Inc.
ESP Designated Intermediaries 4
© 2013 Globe Tax Services Inc. ESP Reports 5
Research & reconcile all outstanding claims Lists recent payments Link to the beneficial owner breakdown notification when payment is made Rates, ratios, and relevant dates (ORD Pay Date) for completing tax forms in local terms and ensuring accurate information Lists recent rejections and reasons notification when a claim is rejected Expedites responses by sending the inquiries directly to the correct GlobeTax representative(s) Provides a tool for managers to ensure that events are not missed and maximum potential refunds are realized © 2013 Globe Tax Services Inc. ESP Reports 6
© 2013 Globe Tax Services Inc. Additional data elements ― Record dates as of December 2012 ― Full beneficial owner address ― Tax Identification Numbers (TINs) OIVs / OPCIVs — Must provide Form / Annex to Form — Self-Certification with Korean MoSF audit possibilities — Depositaries and the local agents will not determine if an account is an OIV or OPCIV South Korea 7
© 2013 Globe Tax Services Inc. Reduced withholding rates to expire Dec. 31, 2013 ―Withholding will increase to % ―U.S. Treaty reduces this to 10% Required documentation ―IRS Form 6166 per beneficial owner (for all entity types) Depositaries in discussions with Japanese custodians regarding documentation requirements Japan (2014 – expected) 8
© 2013 Globe Tax Services Inc. Belgium — Eliminated exemption for US Charities Sweden — Revised documentation for foreign non-UCITs funds to receive exemption from withholding tax Switzerland — US RICs now must be disclosed at entity level and provide certain attestations if claiming over CHF 100,000 in treaty benefits Kazakhstan – not yet in force ― Issues likely to default to 20% withholding with disclosure requirements to obtain the 15% withholding rate Depositary Process Changes 9
Uses –Instruct on EDS (Elective Dividend Service) elections Users –DTC Participants only (and their clients) Metrics –EDS eligible securities –Currently 19 markets Delivery –Daily via Comerica’s system(s) Features –Daily delivery from GlobeTax for all elections Specific instructions for each ‘segment’ of BOs (e.g. Exempt, Favorable, Unfavorable) ensuring all clients receive maximum benefit –Document collection support 6166s, Letters of Exemption, applicable renewals –Payment Mapping File Automates payments for each dividend event to all holders EDS Assist ® GlobeTax EDS Allocations Payment mapping Security Data Ben Owner Data DTC Participant The relief at source allocation tool 10 © 2013 Globe Tax Services Inc.
GlobeTax files claims for our clients who are eligible to share in settlement funds due to corporate misstatements or omissions. Value added: Asset recovery and protection Positioned to benefit from upcoming mega settlements Interests aligned with client (no recovery – no fee) Outsourced service ensures focus on claiming legal entitlements freeing you to concentrate on your business Securities Class Actions Services 11 © 2013 Globe Tax Services Inc.
Cases Covered ─Securities Class Actions ─Insider trading ─Government disgorgements and restitutions ─SEC fines ─Dodd-Frank whistleblower cases Securities Class Action Services ─Case data monitoring ─Client trade data qualifying analysis ─Claims processing, filing, and monitoring through payment Additional Features ─Sub-account processing ─Quarterly client reporting ─Contingency fee based on funds recovered ─Dedicated and confidential service Securities Claims Service Summary 12 © 2013 Globe Tax Services Inc.
Brett Lewis – Director Gregg Lewis – Vice President William Treut - Managing Director Harold Shapero – Managing Director Len Lipton – Managing Director Jose Bisono – Managing Director & COO Telephone: +1 (212) New YorkLondonMadridMilanSydney Hong Kong © 2013 Globe Tax Services Inc. Contact Information 13
Chile from % to 18.75%* Czech Republic from 15% to 35% Morocco from 10% to 15% Portugal from 30% to 35% Slovenia from 20% to 25% Belgium eliminated exemption for Charities / Foundations (including US entities) *Due to change in imputation rate - not statutory rate change © 2013 Globe Tax Services Inc. Statutory Rate Changes –
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