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NewsProposed Tax Relief Model - a Response to G30 Recommendation 808 February 2005 In its 2003 report "Global Clearing and Settlement - A Plan of Action" the Group of Thirty (G30) set out its recommended best practices for cross border clearance and settlement. Recommendation 8 considered the need for automating and standardizing asset servicing processes, including tax relief arrangements. Specifically, in the case of tax relief arrangements, the G30 report recommends that:"Market participants and public authorities should work together to minimize the administrative costs to each party involved in tax relief arrangements through standardization and automation of procedures and communication of information and through the use and acceptance of electronic data and documentation" A proposed tax relief model, designed to fully satisfy the G30 criteria, has been prepared by Chris Gilbert of JPMorgan Chase Bank, N.A., UK. The proposal follows a very pragmatic approach, building on existing technology and best practices that are already used to secure tax relief in a number of countries of investment. The study is intended to stimulate debate in terms of whether a global tax relief model is desirable, and indeed achievable, along the lines proposed. ISSA fully endorses the proposal and is grateful to its author for the kind permission to make it available to the public. The final section of this paper seeks feedback. ISSA encourages its members and all interested parties to contribute their comments; those should be addressed to the study's principal author directly, using the contact details contained within the paper. Read/download the full paper in PDF-format (130 kB). |
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