New research suggests companies may be failing to claim US$30 billion each year in VAT recovery from travel expenditure.
The study by Taxback International shows businesses could be leaving VAT unclaimed because of a lack of knowledge, resources and the technology required to reclaim it successfully from worldwide authorities.
Taxback international says VAT reclaim on business travel and expense is particularly slow, complex and cumbersome when done manually.
Barry Noonan, chief technology officer at Taxback International, commented: “Our research shows that globally, companies are likely to be missing out on $30 billion of potential refunds every year, with up to $10 billion being incorrectly claimed, leaving companies open to severe penalties.”
taxbackinternational.com