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 [private]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. — Bill Salva commented, “In the past decade, when global markets were rising sharply, the multi-billion dollar loss of dividend income for U.S. investors has been under most experts’ ’radar screens’. Losses have been spread across more than 20 million small institutional and individual accounts. And those 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.”[/private]
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