Goal Group Launch ADRoit+™ to Support Downstream Subscribers

Following the resounding success of its withholding tax reclamation platform for American Depositary Receipts (ADR), Goal Group has announced the launch of a new service – ADRoit+TM – to facilitate withholding tax relief for downstream subscribers who hold Depositary Trust Company (DTC) securities. This brand-new service offering is designed to overcome client information confidentiality issues between US Depositary Banks and DTC participants. The new service builds on the existing capabilities of the original Goal Group platform, which was launched in 2017 and is in use with the US Depositary Banks. Once fully deployed, the enhanced solution holds the potential to increase tax reclamation participation level for ADRs by up to 20 percentage points.

Since the success of its 2017 launch into the US Depositary Receipt space, Goal Group has developed an exciting and significant new service – ADRoit+TM – to assist DTC participants to manage the tax relief process for their omnibus account clients and clients that are flow-through entities; while protecting the confidentiality and integrity of downstream client data.

As an enhancement and extension to Goal Groups popular platform, ADRoit+TM will enable DTC Participants to invite their underlying clients to register and work with Goal Group to ensure that their withholding tax relief needs are handled appropriately, while linking them to their relevant Participant. This process is known as ‘non-participant elective verification’. ADRoit+TM provides a discrete environment for tax reclamation which safeguards the confidentiality and anonymity of client identification between financial services providers. The system identifies the underlying beneficiary’s eligibility for withholding tax reclamation on their dividends or fixed-income receipts, and then processes that claim automatically within the required schedules, all the while keeping the beneficiary’s identity confidential.

As with its standard ADR tax reclamation, Goal will handle the announcements of dividend events, elections and documentation as well as the relevant process for either Quick Refund, Relief at Source or Long Form (depending on the elections and market).

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William Salva, Vice President of DR Tax Services, from Goal Group, comments: “This new service further underscores our commitment to the market and to the development and enhancement of our leading-edge technology. We realise how important it is to listen to the needs of our clients and industry peers and develop the service enhancements accordingly. That’s exactly what we have done with ADRoit+TM

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