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Article: BNY Mellon Teams with Euroclear Bank and GlobeTax to Streamline Dividend Tax Relief for Depositary Receipt Holders.
- Article from:
- Investment Weekly News
- Article date:
- November 21, 2009
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BNY Mellon, the global leader in asset management and securities servicing, has announced a streamlined process to expedite recovery of foreign taxes withheld from payments to holders of depositary receipts (DRs) for companies incorporated in the Netherlands, Denmark or Luxembourg.
"Working closely with our strategic partners Euroclear Bank and GlobeTax, we've created a new standard tax reclaim service for DR holders," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "It allows holders to easily recoup the appropriate treaty benefits for dividend payments on DRs when BNY Mellon acts as depositary, the shares are ...