Acupay Expands Its Innovative Tax Certification Service For Issuers

In May 2022, Heritage Petroleum Company Limited (Heritage), the state-owned oil company of the Republic of Trinidad and Tobago and the production subsidiary of Trinidad Petroleum Holdings Limited (TPHL) completed the issuance of U.S. $500,000,000 9.000% Senior Secured Notes due 2029.

The new Heritage notes will employ a tailored version of Acupay’s tax certification and compliance mechanics. Acupay’s innovative patented platform, the Acupay System, will be used to collect beneficial owner tax certification for withholding tax purposes, which will be processed and reported to the issuer and the local tax authority.

The Trinidad & Tobago based cross-border issuance employing Acupay’s tax certification and compliance offering for issuers marks a dynamic expansion of Acupay’s services into a new market, and geographic region.

Since its founding in 2005, Acupay has empowered issuers to access foreign debt capital markets, whilst ensuring that income payments are not subject to foreign withholding tax for eligible international investors.

Acupay’s mechanics have been successfully employed by corporate issuers located in multiple jurisdictions, including Spain, Italy, Belgium, Israel and more. Acupay can work together with capital market experts and legal counsels to customise its technology, techniques, and processes for any issuer in a jurisdiction where there is withholding tax on investment income paid to foreign investors.

If you wish to find out more about Acupay’s tax certification and compliance services, a white paper about Acupay’s cross-border tax solution for issuers accessing US debt capital markets can be found here.

For more information regarding the firm’s services, you may also contact Acupay’s Product team via product@acupay.com.