As the head of WTax’s Tax Technical team, Lelanie Marais is at the forefront of navigating the complex and ever-changing landscape of withholding tax (WHT) for the company’s global client base. In this interview, she shares her insights into how WTax stays ahead of industry changes, the future of WHT, and what makes WTax a leader in the field.
How does WTax stay up to date with industry changes?
Staying up to date in the withholding tax world requires a multi-faceted approach, and WTax is committed to being at the cutting edge. Lelanie highlights that WTax’s strategy involves “actively monitoring leading tax publications, participating in industry conferences, and maintaining strong relationships with tax authorities and regulatory bodies.” This proactive approach ensures that WTax is always aware of the latest legislative updates, case law, and emerging trends.
Moreover, the team is dedicated to continuous professional development. Lelanie explains that WTax leverages advanced data analytics tools to track changes in WHT rates and policies globally, allowing them to provide the most current and accurate solutions to clients. “Our commitment to staying informed is key to maximising our clients’ recovery opportunities,” she adds.
Adapting to Regulatory Changes
Regulatory changes are a constant in the tax world, and WTax’s ability to adapt swiftly and efficiently is one of its key strengths. Lelanie describes WTax’s approach as proactive, with a dedicated tax technical research team that closely monitors legislative developments. “Upon identifying a regulatory change, we quickly analyse and integrate the necessary adjustments into our system and processes,” she says. This ensures that WTax remains compliant with new requirements and continues to offer optimal services to its clients.
WTax’s advanced technology plays a crucial role in this adaptation process, capturing changes in WHT rates and reclaim opportunities on a real-time basis. This ensures that clients’ withholding tax recovery opportunities are maximised at all times.
The Future of Withholding Tax
Looking ahead, Lelanie sees several trends that will shape the future of withholding tax. Globalisation, digitalisation, and increased regulatory scrutiny are all expected to play significant roles. “As cross-border investments continue to grow, there will be a heightened focus on ensuring tax compliance and preventing tax evasion,” she notes.
International cooperation and initiatives like the EU’s FASTER Directive will drive more standardised and transparent processes for tax reclaim and reporting. However, Lelanie also points out that “achieving uniformity might be challenging due to the vast and diverse regulatory landscape across different jurisdictions.” Despite these challenges, technology is expected to play a pivotal role in automating and streamlining WHT procedures, reducing the administrative burden for both tax authorities and taxpayers.
Impact of the FASTER Directive
The FASTER Directive is set to bring significant changes to the WHT landscape, and Lelanie provides a succinct overview of its implications. “The Directive aims to streamline withholding tax relief for cross-border investors and enhance data access for tax authorities to combat fraud. It will introduce standardised procedures and digital solutions, with the aim of reducing the administrative burden and time required for tax reclaims,” she explains. While it promises increased efficiency and transparency, operational challenges remain, particularly during the transposition period into Member States’ national law.
WTax is well-prepared to navigate these changes, with plans to monitor the Directive’s implementation closely and adapt its services accordingly. Lelanie emphasises that WTax’s goal is to “maximise the advantages for our clients” as the Directive comes into effect.
Key Changes in the Industry
The withholding tax industry is constantly evolving, driven by digitalisation, regulatory harmonisation, and a stronger focus on transparency and compliance. According to Lelanie, we can expect to see more collaboration between tax authorities and financial institutions to prevent tax evasion, with technology-driven solutions like blockchain and AI being integrated into tax processes. “These innovations will ensure accuracy and efficiency, making the WHT process more streamlined for all stakeholders,” she says.
What Makes WTax Special?
WTax’s edge lies in its deep expertise, innovative approach, and unwavering commitment to client success. Lelanie proudly highlights that “our team of tax specialists is highly skilled in navigating complex international tax regulations and reclaim processes.” This, combined with the use of cutting-edge technology, ensures that WTax delivers efficient and accurate services, maximising tax recoveries for clients.
“Our client-centric approach means we tailor our solutions to meet the unique needs of each client,” Lelanie explains. This dedication, along with WTax’s strong track record and reputation, underscores the company’s reliability and effectiveness in the industry.
The Future of WTax
As for the future, Lelanie envisions WTax continuing to expand its global footprint, enhancing its capabilities to serve clients in more jurisdictions and across more reclaim markets and methodologies. The focus will remain on innovation and continuous improvement, with significant investments in advanced technologies like AI to further streamline processes.
Lelanie concludes with confidence: “By maintaining our commitment to excellence and client satisfaction, we aim to further solidify our position as a leader in the withholding tax reclaim industry.”
With Lelanie Marais and her team at the helm, WTax is well-positioned to navigate the challenges and opportunities of the withholding tax industry, ensuring clients receive the best possible service in an increasingly complex and digitalised world.
If interested in learning more about our services, speak to a withholding tax specialist today.
This article serves as part of an ongoing series to highlight the exceptional teams at WTax. Follow us for more insights into our various other departments, showcasing the full spectrum of our capabilities and commitment to excellence. See our previous spotlight on the Service Department here.
