Why the experience of COVID-19 will accelerate progress towards digitalisation and automation

Mariano Giralt
Additional contact information
Mariano Giralt: Managing Director, Global Head of Tax and Regulatory and EMEA Digital Lead, BNY Mellon Asset Servicing, UK

Journal of Securities Operations & Custody, 2020, vol. 13, issue 1, 6-12

Abstract: This paper explores the weaknesses within securities operations highlighted by the coronavirus disease-2019 (COVID-19) pandemic and considers the extent to which COVID-19 will serve to accelerate progress towards a more digitised and automated industry. It is illustrated with a review of the practical challenges that the COVID-19 lockdown caused for obtaining tax relief on overseas investments. These challenges arose primarily from the difficulties involved with moving the paper documentation — including physical documents with wet ink signatures — needed to obtain withholding tax relief. An often cumbersome, costly and time-consuming administrative process in normal times, COVID-19 exposed its vulnerabilities, leading to a backlog of claims.

Keywords: digitisation; automation; standardisation; withholding tax; COVID-19 (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2020
References: Add references at CitEc
Citations:

Downloads: (external link)
https://hstalks.com/article/5979/download/ (application/pdf)
https://hstalks.com/article/5979/ (text/html)
Requires a paid subscription for full access.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:aza:jsoc00:y:2020:v:13:i:1:p:6-12

Access Statistics for this article

More articles in Journal of Securities Operations & Custody from Henry Stewart Publications
Bibliographic data for series maintained by Henry Stewart Talks ().