Banks
"With years of experience and accumulated knowledge, we can rely on the sound guidance of the The Reclaim Company."
NIBC
Markets
Complete service
As a bank, your priority is to offer your clients the most comprehensive and exceptional service possible. Implementing withholding tax recovery services can give you a significant advantage over your competitors, distinguishing you as a leader in the industry .
The Reclaim Company provides a range of services tailored specifically for banks, enabling both clients entitled to withholding tax refunds and the bank itself to capitalize on available opportunities.
Complete takeover of withholding tax recovery process: We handle all aspects of withholding tax recovery, relieving you of this administrative burden.
Withholding tax recovery in specific countries: For regions where you lack expertise, we provide specialized assistance in reclaiming withholding taxes.
Consultancy on withholding tax recovery: We offer expert advice and guidance throughout the withholding tax recovery process, ensuring optimal outcomes.
Account opening and setup support: We advise on the opening and configuration of accounts with your custodians, optimizing your account structures.
Capacity support: In cases of insufficient capacity within your organization, we provide additional support to ensure efficient tax reclamation.
Utilization of The Reclaim Company application: Whether on-premises or as a Software as a Service (SAAS), we offer the use and support of our proprietary application to streamline the reclamation process.
Partner program
Recovering withholding tax not only enhances returns on investments but also adds significant value to financial service offerings. However, many banks, asset managers, and depositories face challenges due to a lack of expertise or capacity in providing this service to their clients. Are you considering incorporating withholding tax recovery into your service package as a financial service provider? The Reclaim Company provides several options for partnership, including white-label solutions or direct implementation of our system, supported by our knowledgeable staff on-site. Would you like to learn more about our partner program and how it can benefit your organization?
Reclaim control
Banks frequently enlist our services to conduct audits on distributing institutions. Through these audits, we meticulously assess whether dividend payments and accompanying withholding taxes have been managed accurately. At The Reclaim Company, our evaluation goes beyond mere compliance; we scrutinize whether all available options, including those outlined in treaties, national legislation, and EU regulations, have been fully utilized. Our aim is to ensure that our clients maximize their entitlements and adhere to regulatory requirements while optimizing their financial outcomes.
Qualified Intermediary U.S. & FATCA.
In today's regulatory landscape, obtaining Qualified Intermediary (Q.I.) status as an intermediary is almost a necessity, largely enforced by the I.R.S. While the process of obtaining Q.I. status may seem straightforward—it's essentially an agreement with the I.R.S.—the implications can be significant for organizations, especially with the addition of FATCA regulations in 2010.
Previously, there may have been some leeway with the I.R.S. regarding ambiguities, but recent years have seen stricter supervision and enforcement. Achieving and maintaining Q.I. status entails considerable effort and cost, posing a challenge for many parties. The key lies in correctly implementing and, when necessary, adjusting associated agreements concerning identification, withholding, and reporting.
As a Q.I., mitigating the risk of additional costs such as fines or extra audits is paramount. This can be achieved by ensuring the entire process—from client identification to reporting to the I.R.S.—is meticulously set up and adhered to. By doing so, organizations can avoid unnecessary expenses and preserve valuable employee time.
Memorandum for Secretary Mnuchin
The "Memorandum for Secretary Mnuchin" dated October 14, 2020, from the Department of the Treasury (US), highlights various aspects of international tax compliance.
Notably, TIGTA's report revealed that the IRS processes failed to identify 1,919 withholding agents with reporting discrepancies, amounting to over $182.7 million. Additionally, our review uncovered 366 withholding agents who claimed tax credits totaling $506 million more than what was reported on the Forms 1042-S.
Why choose The Reclaim Company?
High ratio of successful reclaimed withholding tax
Our specialists not only ensure successful recoveries, they take the entire process out of your hands.
High level of expertise
With our specialists boasting years of experience in navigating the complexities of this environment and possessing comprehensive global knowledge, we are well-equipped to alleviate you from the burdensome procedures.
Attractive pricing
A fully outsourced service, at a attractive and transparent rate.
Always up to date
Our specialists are always up to date on the latest developments in recoveries.
You stay informed
Our specialists handle the cumbersome process for you, while keeping you informed of the status and any developments along the way.
Less risk
Thanks to efficient methods of our specialists, you run less risk.
More information?
Contact Pjotr van der Veer at
p.vanderveer@thereclaimcompany.com | +31 (0)348 418 557
or fill out the contact form