SOURCE: Acupay System LLC

Acupay System LLC

February 25, 2009 04:04 ET

Central Depository Tax Leader Appointed as President of Acupay System LLC

DTCC's William Salva Named to Lead Tax Relief Agency for Cross-Border Investors

NEW YORK, NY--(Marketwire - February 25, 2009) - Acupay System LLC, operator of an electronic system for expediting foreign tax relief for cross-border investors, today announced the appointment of William J. Salva as President.

Mr. Salva was previously director of tax product management for the United States central securities depository operated by The Depository Trust & Clearing Corporation (DTCC). According to its most recent published figures, the DTCC depository holds over $40 trillion of securities for investors worldwide, and processes over $3.8 trillion annually of dividends and other income payments.

During his tenure at DTCC, Mr. Salva increased the value of tax relief secured by global investors holding securities through DTCC to more than $2.4 billion annually. Included in his accomplishments were successful negotiations to secure highly efficient withholding tax relief arrangements with tax authorities in Germany, Ireland, Japan, The Netherlands, Puerto Rico, and Switzerland. Prior to DTCC, Mr. Salva served as vice president of global custody tax services at JPMorgan Chase where, in support of the American depositary receipt and institutional custody businesses, he advanced tax relief and refunds for that bank's worldwide clientele.

Mr. Salva is currently a member of a high-level consultative panel convened by the Organisation for Economic Co-operation and Development (OECD) which is seeking systemic responses to the challenges faced by cross border investors in obtaining relief from double taxation(1). The OECD group in January released its progress report, "Possible Improvements to Procedures for Tax Relief for Cross-Border Investors."

Acupay is a New York and London based financial technology business founded in 2005, which has achieved remarkable success in creating a secure proprietary data network which aids cross border investors to reduce excess foreign tax withholding on dividends and interest payments. In 2008, Acupay obtained about $850 million of tax refunds and exemptions for 112,000 investors in 23 nations.

$8 billion-a-year of investors' money at stake

"Acupay is targeting the $8 billion of excess foreign tax still levied annually on global investors," said Robert Apfel, an Acupay founder and the company's Chairman, who is stepping down from the president role to focus his efforts on acquisitions and other strategic developments. "We want to see that $8 billion (annually) returned to the investors to whom it belongs," continued Apfel. "Bill Salva's 21-year experience as a senior manager in the securities tax arena makes him the ideal person to lead the Acupay business. No tax expert in the securities business is more respected than Bill. We're pleased that he agreed to join us."

Bill Salva commented, "In the past decade, when global markets were rising sharply, the multi-billion dollar loss of tax relief on dividend and interest income for cross-border investors has been under most experts' 'radar screens.' And, those losses have been spread across more than 20 million small institutional and individual accounts. Individuals and small institutions continue to bear the brunt of archaic paper based systems which block tax relief from reaching most investors. I've joined Acupay to capitalize on the firm's impressive computer processing firepower -- to mobilize that resource to help brokers, banks and investors who have been underserved, or unserved in the past."

About Acupay System LLC

Acupay works closely with banks, brokerages, central clearing systems and institutional investors who hold or own global securities. Acupay's systems satisfy the needs of foreign tax agencies, to permit reductions in foreign tax withholding. Acupay is an affiliate of Bondholder Communications Group LLC (www.bondcom.com). Acupay has offices in New York, London and Madrid. For more information about Acupay and the tax challenges facing cross-border investors, please go to www.acupay.com.

Contact Information

  • Contact:
    William Salva
    +1 212 422 1222 x107

    Robert Apfel
    +1 212 422 1222 x144