The Bank of New York has launched a tax refund service for its European clients. The offering foc...
The Bank of New York has launched a tax refund service for its European clients.
The offering focuses on withholding tax and provides information to investors on how to claim back tax on investments made in different jurisdictions. This service will initially be via email, but an online version will be produced at a later stage.
Robert Darmanin, managing director, head of European custody and pensions at the bank, said: "Beforehand, it was quite hit or miss as to whether our clients had knowledge of the tax refunds available.
"It was really up to the client or their adviser to be self informed about their refunds. This product will help improve returns for them."
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