The collaboration provides an end-to-end digitised client experience for investors seeking tax relief on foreign investments.
Foreign withholding tax is a form of indirect tax levied on non-domestic investment income and is paid to the government of the overseas jurisdiction. “If a Maltese fund holds shares, for instance, in a Swiss-domiciled company, 35% of the income will be deducted and paid to the Swiss Tax Authority before the dividend is distributed. A proportion of this deducted tax can be reclaimed through various reclaim mechanisms,” said Liam Ilić, WTax (VAT IT Group) Regional Sales Director for Europe.
“Our partnership with WTax increases the advantages of our offering to Maltese funds and allows our clients to obtain better results for their end investors,” said Filip Suchta, head of our Malta branch.
If you’d like to learn more about the tax reclaim possibilities, check the story in Times of Malta