Jonathan Bloch, CEO and founder of EDI said âTogether with e-TaxData Online we now have the most comprehensive withholding tax data suite in the industry available to EDI clients. Our strategic alliance with GlobeTax gives us both on-line and data feed capability for withholding rates that we believe is unique in the industry.â
Martin S. Foont, President and CEO of GlobeTax said âStatRate is the application of our knowledge and pre-eminence in the withholding tax field, usually used at the back end of the corporate actions process in the form of tax reclaims. At the front end of corporate actions, financial intermediaries who make payments to their clients need to know the statutory tax rates for nonresidents from each market in order to know the default rate of tax to deduct.â
Ross K. McGill, Director of Marketing of GlobeTax said âTypically these rates are either aggregated by hand using a custody network or by purchasing expensive desk research. This product benefits the community because (a) its data is based on real withholding rates applied in each market verified directly with the tax authorities themselves and (b) its delivered electronically and removes the need for laborious manual data aggregation.â
The launch version of StatRate provides equity statutory rates for non-resident individuals across 148 markets. Future developments will include additional markets coverage, beneficial owner types such as corporations and income types such as interest.
EDI is the premier provider of high quality, accurate and international securities administration reference data. The company provides back office solutions and securities data to most of the major brokerage houses, custodians and data vendors internationally. EDI is a wholly owned subsidiary of Information Publishing Plc.
GlobeTax is the worldâs largest and most successful provider of outsourced withholding tax services filing over a million reclaims annually for a global client base. The firm also has market reference data and document management services and operates the only withholding tax Service Bureau on the SWIFT network.