This week we read a very interesting piece, “Developing a relief at source gold standard”, written by Len Lipton for Bobsguide.

Len writes about the hugely complex and time-consuming process of recovering over-withheld taxes on international investment income.

As a result of these complexities, many financial institutions simply can’t offer a relief at source service.

The relief at source process is time sensitive, and involves capturing data in multiple formats from a variety of sources, including faxes! Workflows need to navigate complex account structures and changing tax treaties, which include different documentation requirements.

Len highlights the need for a technology solution to automate this service –

“The ideal relief at source solution would programmatically identify who is entitled to what benefits for every dividend event – all within the short deadlines necessary for relief at source. Robust rules and document management systems would form the basis of this platform. A rules system would collate and store continually updated information about global taxation treaties, protocols, domestic laws, and the evidentiary requirements of local sub-custodians. A document management system would work in concert, storing and tracking all client documentation and renewal deadlines for all relevant jurisdictions.”

We agree. In fact that’s exactly what Xceptor does for financial institutions, including HSBC, J.P. Morgan and Northern Trust.


The complete article can be found at