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When U.S. businesses purchase goods and services in the UK or Europe, they are also paying a value-added tax (VAT) to many of these countries on their foreign expenditures. U.S. businesses which send travelers to the UK or Europe are often entitled to refunds on qualified business and travel expenses. But each year, an estimated $7 billion in VAT refunds are left unclaimed by businesses. Businesses who actively pursue their VAT refunds are able to gain reimbursement for many of the primary expenses associated with international travel-hotel, car hire, conferences & tradeshows, and meals-making a direct positive benefit on their bottom line profitability.
This paper provides a solid overview of value-added taxes (VAT) and how they differ from traditional sales taxes. It provides valuable details on which countries offer VAT refunds for expenditures and travel expenses- and discusses the often-confusing VAT refund process (which varies by country). Without the international tax code and refund process knowledge (which varies by country), it can be very frustrating and laborious for businesses to attempt to pursue their VAT refunds. To avoid forfeiting their refunds, more and more businesses are looking to VAT refund services firms to greatly simplify what is normally a very complex, tedious and time consuming process. But selecting the right VAT refund recovery service firm is an important decision. To assist in your decision, this paper provides an important checklist that can be used to help select a VAT refund services firm to help you retrieve your VAT refunds-reducing your operational costs and increasing your bottom line.
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- Released: October 09, 2012
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