DTCC Connection

Jun 20, 2014 • DTCC Connection

Industry Experts Discuss the Evolving Landscape in Global Tax and Its Impact on the Industry

By Jessica York

In April, the Depository Trust & Clearing Corporation (DTCC) hosted its 15th Annual Global Tax, a forum which provides a platform for industry experts to educate the global tax community on critical changes to U.S. and international regulations that will impact their businesses in the coming year.

Held at the India House in lower Manhattan, the event attracted over 100 attendees, representing more than 25 organizations and vendors.

“I attend this event hosted by DTCC to obtain information about tax initiatives from industry experts,” said Steven P. Dapcic, Pershing LLC Director, Corporate Actions, and President, SIFMA Corporate Actions Section, Operations and Technology Section. “This event provides me with an opportunity to understand the impact and implications to the broker-deal community and our shareholders.”

Topics and subject matter experts included:

  • Financial transaction tax (FTT) and the implications of European Union (EU ) FTT;
  • Ellis Levy, DTCC Vice President, Tax Counsel talked about Internal Revenue Code (IRC) Section 871(m) and addressed concerns with the 2013 proposed regulations including delta testing on publicly traded securities and withholding timing.
  • Nicole Tanguy, Citigroup, Inc. Director and Tax Counsel provided insight into the Foreign Account Tax Compliance Act (FATCA) and the Coordination Rules for Chapters 3, 4 and 61 of the Internal Revenue Code.
  • Christopher Steeves, Partner with Fasken Martineau DuMoulin LLP, spoke on Canadian tax issues, pointing out the recently signed Intergovernmental Agreement for the Enhanced Exchange of Tax Information under the Canada-U.S. Tax Convention.
  • Madhuri Ravi, DTCC Manager, Settlement and Asset Services, led a panel discussion on new tax relief procedures for Russia and Japan featuring speakers from Citigroup, Inc., BNY Mellon, and J.P. Morgan.
  • Ian DeSacia, DTCC Director, Settlement and Asset Services provided updates on DTCC’s FATCA requirements and the growth and value of DTCC’s TaxReliefSM service before updating attendees on DTCC’s Corporate Actions (CA) Transformation Project, highlighting the new CA Web tool and timeline for mandatory conversion to the CA Web Browser.

“We take great care every year in setting the agenda topics and choosing the speakers for the conference,” said DTCC’s Nardeo Ganesh, Vice President, Settlement and Asset Services.

We pick topics that are most important to our clients, and the content which is very technical in nature is presented and explained in a way that everyone can understand.”

The Global Tax Services group is part of DTCC’s Settlement and Asset Services division which offers a variety of tax-related services for both domestic and international clients. These offerings include DTC TaxReliefSM, U.S. Tax Withholding Service and the Domestic Tax Reporting Service (“DTax”).

Click here to read a Q&A with Ian DeSacia, DTCC Director, Settlement and Asset Services on DTCC’s TaxReliefSM service.

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