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Withholding tax relief and recovery: The key to enhancing operational alpha?
Journal of Securities Operations & Custody,
16
(1),
86-96
(2023)
Abstract
The evolving international tax landscape continues to provide complexities for investors, creating operational challenges, often eroding investment returns. This paper unpacks the withholding tax process along with the key hurdles that investors have to overcome when recovering taxes. While these hurdles have been expanded upon, an effort to quantify the effect on investment performance has been made to help investors understand the true cost of tax inefficiencies. The paper thereafter dives into emerging international tax trends, risk management considerations, and concludes with an analysis of solutions that investors can utilise to enhance their international tax relief and recovery process.
Keywords: withholding tax; international tax; tax recovery; tax reclaims; dividends; foreign tax recovery
The full article is available to subscribers to the journal.
Author's Biography
Jason Yule is the Head of Strategy and Sales for WTax North America where he is responsible for developing strategy and driving growth of their North American division. Since joining WTax, Jason has worked alongside numerous asset managers, pension funds and hedge funds in understanding their withholding tax challenges and advising on implementation solutions. Prior to joining WTax, Jason was a Management Consultant at EY Financial Accounting Advisory Services (FAAS) department in London, having transferred from EY Netherlands where he worked in their assurance practice. Jason is a qualified Chartered Accountant and is currently undertaking his Executive MBA at the University of Cambridge Judge Business School.
Julia Bricker is the Managing Director of North America and is responsible for the day-to-day operations of the entire region. Based in WTax’s Toronto office, Julia oversees client service, operations and sales within the region, ensuring that all related aspects are operating at an excellent standard. Julia joined the VAT IT Group (WTax’s parent company) in 2015, where she initially worked in product innovation, later transitioning into operations. Prior to joining WTax, Julia worked as an auditor at EY where she qualified as a Chartered Accountant, placing third in the national qualifying exam.
