Client Stories

Relief at Source automation


Intricate, highly manual processes

Client was keen to provide its custody clients tax reclaims and relief-at-source, but this meant soliciting the requisite documentation from the beneficial owner. Reclaim forms were then sent to tax authorities or sub-custodians to claim back the relief.


Complexity of unstructured data and overhaul of processes

With requirements varying market by market and subject to change on a regular basis, capturing and transforming the data was not simple. Documentation requirements to meet double taxation treaties and tax exemptions are complex. Intricate account structures mean a high volume of documents are kept on file, requiring renewals and updates as holdings change and can also be multi-beneficiary. There were also costs associated with reimbursement following missed tax relief.


Automation of the complex

Automated data capture ensures all documentation is pre-populated, where possible, when sent to clients, tax authorities and sub-custodians. Processes have been overhauled and optimised. Automated chasers for completion and renewals are also sent. The capture, production and management of tax reclaims has transformed from the point of income payment through to credit of reclaims is all automated. In addition, user configurable workflow provides exception management for client circumstances such as de minimis thresholds, absent documentation and unavailable static data. Client and stakeholders now also receive real-time reporting and KPIs directly.

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