Finastra and WTax collaborate to help asset management firms optimize withholding tax recovery process
“Finastra’s work with WTax benefits all parties and is a great addition to our Fusion Invest value proposition,” said Younes Guemouri, Senior Vice President and Managing Director Fusion Invest, Finastra. “By outsourcing the withholding tax recovery process, asset managers are freed up from the onerous and complex administrative process involved in reclaiming tax across multiple jurisdictions for clients. Since WTax operates on a ‘no win, no fee’ model, it only charges on the basis of successful reclaims, delivering value to asset managers and end customers alike.”
The scale of withholding tax that’s unclaimed is significant. In 2017, the European Commission reported an estimated cost of unclaimed withholding tax recovery of EUR 8.4 billion per year in the EU alone. Often the beneficiaries of the dividends and interest being taxed are institutional investors. The withholding tax can reduce their return on investment and can add up to as much as 35% of the gross income amount. The process of recovering the tax is complex – involving knowledge of double taxation agreements, domestic legislative provisions and precedents.
Available globally, WTax’s ISO 27001 compliant technology makes claims more efficient to process and more transparent for clients. Automating the claims process is faster and more effective and eliminates human error.
“WTax is thrilled to collaborate with Finastra and join the Fusion Invest ecosystem,” said Daniel Ginsburg, CEO of WTax. “Fusion Invest users can be assured that WTax will streamline the process for recovering withholding tax globally since we assign specialist teams who understand the unique complexity of each jurisdiction to ensure maximum recovery in the shortest possible time.”
About Finastra
Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world’s top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com
Corporate headquarters
4 Kingdom Street
Paddington
London W2 6BD
United Kingdom
T: +44 20 3320 5000
About WTax
Corporate headquarters
WTax, 1st Floor Omni House
252 Belsize Rd
London NW6 4BT
United Kingdom
T: +44 (0)203 929 2110
For further information please contact:
CAROLINE DUFF
Global Head of PR, Finastra
T +44 (0)7917 613586
Ecaroline.duff@finastra.com
finastra.com
STEPHANIE BUCHANAN THOMAS
Strategic Partnerships Manager, WTax
T+44 (0)7876 475544
wtax.co