Home   News   Features   Interviews   Magazine Archive   Industry Awards  
Subscribe
Securites Lending Times logo
Leading the Way

Global Asset Servicing News and Commentary
≔ Menu
Securites Lending Times logo
Leading the Way

Global Asset Servicing News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Industry news
  3. TaxTec report reveals extent of withholding tax issue
Industry news

TaxTec report reveals extent of withholding tax issue


04 November 2024 UK
Reporter: Clelia Frondaroli

Generic business image for news article
Image: C_Production/stock.adobe.com
TaxTec has unveiled a new report, revealing the amount of withholding tax on foreign dividends and interest payments remains unreclaimed.

The amount, an estimated US$16.4 billion, is left unclaimed for a number of reasons, including that the reclamation process remains bureaucratic and complex. As a result, the study reveals that US cross-border investors lose out on over US$3.8 billion in rightful returns.

Highlighting the extent of the issue, Stephen Everard, CEO of TaxTec, states: "While some progress has been made over the past decade in withholding tax reclamation rates, there is still a long way to go."

“These returns belong to investors and it is the ethical duty of all market participants to ensure they are not left unnecessarily on the table. Double taxation treaties were set up to ensure that investors are not taxed twice, yet lack of reclamation on a proportion of rightful income is effectively allowing double taxation to continue.”
← Previous industry article

OTP Group selects Integral
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →
Glossary terms in this article
→ Withholding Tax

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →