These services range from application submissions and reviews of withholding tax applications to processing of class action lawsuits and independent validation of invoices and fund cost calculations for our clients. The focus is always on digitization and scaling, as well as stringent implementation to ensure the greatest added value.
The unequal treatment of investment funds has been a concern for the industry for many years. National courts, as well as the European Court of Justice, regularly issue new rulings (e.g., Fokus Bank, Denkavit, Santander, etc.) on how to deal with “improperly withheld withholding tax“ and the associated disadvantage. This ties up valuable resources for our clients, which is why we ensure that all necessary process steps for successful application are carried out through our modular service model to ensure correct and timely application to the respective tax authorities. If necessary, we also offer cooperation with an internationally operating tax firm to ensure compliance with the current requirements of the tax authorities. Depending on the agreement reached, we pass on the resulting costs directly to the fund accountant and thus harmonize our customers and workflows. Furthermore, our service includes the creation of target group-specific reporting and responding to inquiries promptly.
In a globalized financial sector, worldwide collective action processing is becoming increasingly important to effectively and efficiently resolve legal disputes while maintaining investor confidence in the market. Plutoneo Consulting assists its clients worldwide in the handling of passive class actions and active securities litigations. We act as an intermediary between the client and the service provider for passive class actions, as well as directly with the relevant law firms for active collective actions. We prepare the relevant data and procure necessary documents through interaction with involved service providers, law firms, and custodians and fund accountants. Furthermore, we support the accounting process so that funds or investors receive the correct amount of damages awarded.
The process of applying for reduced rates of withholding task based on double taxation agreements,or domestic legislation is a standard process offered by custodian banks. However, monitoring and harmonizing service levels can often be opaque, which is why we offer our customers a tailored solution based on our years of experience.
Through our self-developed digital and adaptable tool, we support the necessary oversight process towards custodian banks and fund accountants, monitoring the timely and correct reclamation or application (via Tax Relief at Source for example) of withholding taxes related to the double taxation agreements or domestic legislation. Reports from custodian banks and fund accountants are integrated into our system and processed digitally to allow our experts to review final discrepancies. In addition to the control function, the customer receives an appropriate overview of the service offerings of the securities custodian banks, which can be used for negotiations and corresponding optimization of services.
In an outsourced world, the tasks of the retained organization are becoming increasingly complex. An essential controlling process often falls short: the control of service provider invoices. Plutoneo Consulting offers a three-stage, modular service for this purpose. This includes a one-time sanity check of incoming invoices, regular audits, and a complete takeover of continuous invoice verification and associated discrepancy resolution. In the context of implementation, the tool-based service is optimized to meet individual customer requirements. We significantly reduce the burden of our customers, guarantee one hundred percent control, and avoid often significant billing errors.
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