Enterprise Iron Financial Industry Solutions, Inc., an industry-leading provider of business, technology and workforce solutions that resolve complex challenges and optimize operations, has partnered with WTax, a world leader in technology-supported withholding tax recovery services, to respond to the struggle for efficient recovery of cross-border investment income withholding tax.
Asset owners and asset managers around the globe face the ever-evolving operational challenge of reclaiming foreign withholding tax. When in-house teams and custodial support become stretched, the inability to keep up with multi-jurisdictional tax legislation, regulations and varying foreign tax-office requirements creates a significant knowledge and resource gap. The compounding effect of consistent tax leakages causes a material drag on not only investment performance, but on resources from the efforts in trying to overcome the challenges in trying to reclaim taxes.
“As world leaders in withholding tax recovery services, WTax is a welcomed addition to our list of Delivery Partners as we continue to grow and expand capabilities for the betterment of our clients,” explained Peter Lohri, COO of Enterprise Iron. “Their service quality and commitment to success is on par with Enterprise Iron’s core values and we look forward to working together.”
Daniel Ginsburg, CEO of WTax adds: “Many asset owners and managers are often unaware of the risk-free operational alpha that is available to them through the optimization of their withholding tax reclaim function. However, even if the gap is identified, the operational challenge of recovering that alpha is difficult to overcome without the correct process in place. WTax is pleased to offer a largely automated, efficient and holistic reclaim service to Enterprise Iron’s clients, enabling them to seamlessly recover the withheld international taxes that they are entitled to.”
About Enterprise Iron
Enterprise Iron was founded in 2002 by senior executives from Morgan Stanley and Merrill Lynch to serve public and private clients in Financial Services, Retirement Services, and the Government sector. Our industry experts average over 18 years of experience in these markets and our impactful solutions excel at achieving meaningful outcomes to drive your business forward.
We seamlessly integrate into your operations to assess your firm’s size, corporate culture, processes, and procedures at the onset of every engagement. Lessons learned are used to develop a detailed roadmap catered to the unique needs of our clients and we then execute with precision.
WTax is a division of the VAT IT Group, an indirect tax recovery firm with global reclaim capabilities, an extensive network and infrastructure that provides specialist, fully outsourced foreign withholding tax recovery solutions in over 30 jurisdictions.
WTax’s investment in and vision of a truly automated reclaim process, coupled with two decades of indirect tax knowledge, allows their clients to be freed of the administrative and complex reclaim processes which hinder investment performance.
WTax currently services over 4,000 clients ranging from $10M to $1T AUM and enhances their clients’ annual performance by up to 50 bps per annum. For more information, please visit www.wtax.co
Published by PRFire