CTI Partners With Markit to Launch Electronic Tax Form Solution
LONDON--(Marketwire - April 23, 2009) - Compliance
Technologies International, LLP ("CTI"), a tax compliance software and
consulting company, today announced a partnership with Markit, a
financial information services company, to integrate CTI's electronic
W-8 ("E-W8") application within Markit Document Exchange, the market
standard service for managing counterparty documentation.
The
Internal Revenue Service in the United States requires non U.S.
investors to supply Forms W-8 in order to establish their non U.S.
status. U.S. status vel non determines whether investment income
payments are subject to U.S. withholding taxes and reporting.
With the integration of the CTI E-W8 application within Markit Document
Exchange, financial institutions will be able to store, review and
exchange W-8 tax forms from a single platform.
"Markit and CTI
have developed industry standard platforms for the financial services
community. Given the number of mutual clients we have and the
complementary nature of our product offerings, the synergies created by
our relationship will be very beneficial for the financial services
industry," said Dan Burt, Executive Director and co-founder of CTI.
"By partnering with CTI, we are helping our clients cut the workload
associated with exchanging and reviewing W-8 tax forms. This fits neatly
with Markit Document Exchange's goal to make collecting counterparty
documentation more efficient and we are delighted to benefit from CTI's
proven tax expertise," said Penny Davenport, Managing Director and Head
of Markit Document Exchange.
Markit Document Exchange provides a
secure platform for buy- and sell-side institutions to exchange, store
and access regulatory and compliance documents. The service enables
institutions to comply with regulatory requirements and industry best
practice whilst operating more efficiently, reducing documentation risk
and saving costs.
CTI's E-W8 software automates the
solicitation, renewal and validation of electronic Forms W-8 and W-9.
This software captures the requisite tax certification information the
IRS expects from customers' accounts, thereby reducing delays, costs and
risk or errors, particularly during the re-solicitation process.
About Markit
Markit is a financial
information services company with more than 1,100 employees in Europe,
North America and Asia-Pacific. Over 1,500 financial institutions use
Markit's independent services to manage risk, improve operational
efficiency and meet regulatory requirements. For more information, see
www.markit.com.
About CTI
CTI's software and services have
been used in multi-national corporations and seven of the ten largest
financial institutions in the world since 1998. CTI has a strong team of
highly specialized and experienced international and domestic tax and
software professionals, including lawyers, accountants, software
engineers and operations experts. CTI's team is a leader in cutting edge
global tax technology; consulting and outsourcing services specializing
in information return reporting and tax withholding. Years of practice
have contributed to CTI's long standing and solid relationships with
worldwide financial institutions, multi-national corporations, tax
authorities and governments. For more information, see
www.cticompliance.com.
Contact Information
Markit:
Caroline Lumley
Phone: +44 (0) 20 7260 2047
www.markit.com
CTI: Cyrus Daftary
Phone: 617-963-3412
Fax: 617-695-0149
www.cticompliance.com
www.1441compliance.com
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