SOLUTIONS

Xceptor Tax Solution

THE SINGLE SOLUTION FOR ALL TAX PROCESSING ACTIVITIES

Global custodians face a myriad of intricacies and challenges when handling complex withholding tax claims for clients.

In a single solution, Xceptor Tax Solution delivers end-to-end processing capabilities in the world of Operational Withholding Tax. The solution enables the full process to be automated and the documentation workflow to be optimised to ensure the correct tax is withheld. The solution comprises five major components covering the main back office processes in a custody tax operation.

XCEPTOR TAX SOLUTION: THE COMPONENTS

TAX DOCUMENT MANAGEMENT & RELIEF-AT-SOURCE

Xceptor captures the required RAS document, pre-fills it, then dispatches the form to its required destination. Chasers are built into the document workflow to ensure the document is collected and submitted to the market in time to achieve Tax Relief-at-Source.

TAX RECLAIM MANAGEMENT

Reclaim forms and supporting documents are generated, distributed, monitored, chased and reconciled on a continual basis to ensure efficient recovery times. Reclaim payments are also reconciled to repatriate the cash proceeds to the client in a timely manner.

REAL-TIME TAX RATE DETERMINATION

Xceptor facilitates this by examining clients and their eligibility to a reduced tax rate, validating tax documentation to calculate the rate, the amount of withholding and the availability of a tax reclaim on request.

 

QUALIFIED INTERMEDIARY (QI) MANAGEMENT

All payments received from a market source are reconciled against all internally distributed client payments, underlying NQI payments, income adjustments and reclassifications are factored in before generating 1042-S reports and the required IRS e-file at the conclusion of the reporting year.

TRANSACTION TAXES

This enables clients to manage rules to automate the process of capturing the liable transaction, calculate the amount of withholding and report to client and the tax authority or withholding agent.

5 OUT OF THE TOP 10 GLOBAL CUSTODIANS USE THE XCEPTOR TAX SOLUTION

BENEFITS

  • PROVEN

    5 of the Top 10 Global Custodians trust Xceptor as their one-stop solution for managing all tax reclaim activities for their clients

  • ONE-STOP

    Replace legacy and patchwork solutions with modern, robust activities

  • SCALABLE

    The ability to scale existing operations and handle greater volumes and more complex transactions

Learn how Northern Trust saves $1million a year, simplifies tax reclaim and improves client experience

The implementation of Xceptor has made a step change in client service and has reduced risk inherent in the delivery of a tax reclaim service. The documentation module if the first of three components which will form a state of the art global taxs platform for Northern Trust’s Asset Servicing business.

Steve Quigley
SVP, Global Head of Income and International Tax Group, Northern Trust
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CREATING A STEP CHANGE IN CLIENT TAX SERVICES

Discover how Northern Trust is using Xceptor to build its global tax platform for its Asset Servicing business.

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