Title Cross-border investment withholding tax : a practical guide for investors and intermediaries / Ross K. McGill

Edition Second edition Published Cham : Palgrave Macmillan, [2023] ©2023

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Description 1 online resource Series Finance and capital markets series Finance and capital markets. Contents Intro -- Foreword -- Preface to the Second Edition -- Acknowledgements -- About This Book -- Contents -- About the Author -- Abbreviations -- List of Exhibits -- Part I Essentials -- 1 Introduction -- 2 Principles -- Double Tax Principle -- Jurisdictional Principle -- Transparency Principle -- Process and Procedure Principles -- Automation Principles -- Principle of Interests -- Issuers -- Intermediaries -- Advisors -- Vendors -- Investors -- Tax Administrations -- 3 Context -- Materiality -- Commercial -- Geopolitical -- Technology -- Why Should We Care? -- Non-Treaty Based Entitlements Process and Procedure -- Documentation and Forms -- Proof of Income -- Corporate Governance -- 4 Variability -- Documentation -- Relationship -- Treaty -- Status -- Residency -- Authority -- Validity -- Statutes of Limitation -- Year of Income -- Types of Income -- Pro Rata Temporis -- Original Issue Discount (OID) -- Forms -- Recovery Time -- Tax Information Reporting and Audit Oversight -- 5 The Pace of Change -- Part II Operational Models -- 6 Tax Relief at Source -- 7 Quick Refunds -- 8 Standard Refunds -- ECJ Claims -- Beneficial Owners -- Financial Instruments -- The Role of Sub-Custodians The Role of Investors -- Certifying Residency -- Responsibility for Accuracy -- Service Level Agreements -- The Role of Tax Authorities -- Proof of Tax Residency -- Sources of Reclaim Forms -- Receipt and Assessment of Reclaims -- Proof of Identity -- Proof of Sufferance of Double Tax -- Powers of Attorney -- Benchmarking -- Validity -- Establishing Validity -- Calculating Value -- Filling in Forms -- Getting Local Tax Authority Approval -- Filing to Foreign Tax Authorities -- The Role of Sub Custodians -- Chasing for Payment -- Refund Payments -- Crediting Client Accounts -- 9 Reporting 10 Governance and Enforcement -- Part III Practical Implementations -- 11 United States of America -- Documentation -- Withholding -- Deposits -- Reporting -- NQIs -- Governance -- 12 871(m), 1446(a) and 1446(f) Withholding -- 871(m) -- CEDEARs -- 1446(a) and 1446(f) -- Operating Model Options -- Withholding QI -- Non-Withholding QI -- 13 EU Withholding Tax Code of Conduct -- The Code of Conduct -- 14 OECD Tax Relief and Compliance Enhancement -- 15 Finland -- Part IV Impacts of Tax Evasion and Fraud -- 16 FATCA -- 17 AEoI/Common Reporting Standard -- 18 DAC6 -- Causes -- Purpose Intermediaries -- Legal Professional Privilege -- Hallmarks -- Framework -- 19 Tax Fraud -- Denmark -- Germany -- Part V Technology -- 20 ISO Standards -- ISO15022 & ISO20022 -- XBRL -- 21 Platforms -- ESP® -- MIDAS® -- Tax Compliance Toolkit™ -- Investor Self Declarations™ -- Adroit™ -- 22 Getting Rid of Paper -- Cost -- 23 Withholding Tax on the Blockchain -- Part VI Performance -- 24 Benchmarking -- Eurobonds -- Process Efficiency -- Risk Management Benchmarks -- Proportion of Fails (PF) -- Age Debt Performance (ADP) -- Fit (F) -- Statute Risk (SR) -- RAS Efficient (RAS) -- PoA Index Summary This book provides a clear and concise explanation of withholding tax and how to leverage best practice to generate improved investment performance. It gives practical guidance to financial service firms and investors to help them understand the issues involved, trends and practicalities of maximizing returns on investment. Most of the $200 billion of withholding tax lost by investors annually is due to lack of awareness and not asking the right questions of their brokers and custodian banks. Financial institutions are also increasingly being held to a higher standard by investors for provision of withholding tax services because of the impact it can have on portfolio performance. This book seeks to raise awareness of the issues and provide more detail about how the system works and what challenges and changes readers should expect in the future. Ross K. McGill is a well-known author of nine books on international withholding tax and associated regulation as well as anti-tax evasion frameworks (GATCA). McGill sits on several international tax related committees including ISO20022 Securities Evaluation Group. He was an Expert Witness to the European Commission FISCO Group in 2012 and a member of, and editor of, the European Commission Tax Barriers Business Advisory Group Report on in 2013. Bibliography Includes bibliographical references and index Notes Online resource; title from PDF title page (SpringerLink, viewed June 22, 2023) Subject Investments -- Taxation -- United States Withholding tax -- United States Portfolio management -- United States Investments -- Taxation Portfolio management Withholding tax United States Form Electronic book ISBN 9783031327858 3031327853

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