Citigroup Global Transaction Services has signed up to use GlobeTax Services' tax reclamation offering for its direct custody and clearing business in Europe, the Middle East and Africa (EMEA) as well as the U.S.
Len Lipton, director of marketing at New York-based GlobeTax, said at the recent Swift Operations Forum for the Americas that Citigroup was able to refund $104 million to a client last year during a pilot test of the Tax Reclaim Service Bureau (TRSB). Citi tested the service in the U.S. and at local custody branches in Austria, Belgium, France, Germany, the Netherlands and Switzerland between May and August.
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