Research suggests companies worldwide are losing out on billions of dollars per annum on Value Added Tax (VAT), which in reality, is a tax that can be recovered. Most companies aren’t familiar with the concept, or the intricacies surrounding the tax reclaim opportunity. Of the companies surveyed by the Organization for Economic Co-Operation and Development, 72% found reclaim procedures difficult to navigate. 20% were unable to recover any VAT expenses at all. It is extremely difficult to steer through the red tape, language barriers and other complications and requirements unique to each country and its specific Tax Authority, in an effort to reclaim tax spent in that country.
The partnership between Global VaTax and Expensify addresses these challenges and provides American businesses with a seamless solution to clawing back VAT and reducing travel expenses.
Expensify enables its clients to manage expenses through its real-time data and reporting processes. Expense management processes are automated and savings are generated. For example, business travelers will take a picture of their receipts as they arise and the Expensify software will process the information with no further effort required. Paperwork will no longer get lost or expenses misallocated. All expenses and their accompanying paperwork are readily accessible and sorted appropriately.
With just a few clicks, Global VaTax extracts VAT related data and converts it into cash. Utilizing the VaTax Cloud Software, Global VaTax analyses data and allocates it systematically into claimable and non-claimable expenses. The entire process is managed with very little time, effort or expense from the client. Global VaTax prepares the claim on its clients' behalf, ensures its timely submission and communicates directly with the foreign tax authorities who are responsible for the refund – up until the point when the refund is received.
All complications are removed from the tax reclaim process.
“When companies learn about VAT reclaim, they’re motivated to participate - without exception! Enthusiasm often abates, however, when clients are required to allocate resources to sift through invoices, prepare claims in various languages and communicate with international tax offices. Our relationship with Expensify eliminates all the time and effort, previously required of the client. This makes our product a no-brainer,” says David Zulberg, CEO of Global VaTax.
Contact us today to start your international business VAT reclaim before the deadlines at https://globalvatax.com/contact.
Phone: 212 464 7524
Source: Global VaTax