TravelPerk has launched a new tool designed to help companies "radically simplify" the value added tax reclamation process for corporate travel. The solution combines invoice collection and delivery with a VAT calculator, along with an increased inventory of VAT reclaimable booking options for flights, hotels, train and car rental throughout Europe, TravelPerk said.
The VAT reclamation service is available as of today at no additional charge under TravelPerk's Premium and Pro plans—and the Barcelona-based corporate travel booking and expense management provider is touting potential savings of up to 20 per cent of a company's annual travel spend delivered through the tool.
With many companies suffering financial strain in the midst of the ongoing Covid-19 pandemic, many are stepping up VAT reclamation efforts to strengthen their balance sheets.
Along with the reclaimed VAT itself, TravelPerk’s solution increases the efficiency of the VAT recovery process, saving companies additional time and money, the company said. It does so by handling the tracking and invoicing of VAT-reclaimable bookings, with TravelPerk either issuing the VAT invoice on behalf of the supplier, or, where that method is not feasible, collecting the VAT invoices from the underlying travel supplier and providing them to the customer. TravelPerk also has added VAT specialists to its staff to support the service, the company said.
Launch of the VAT reclaim tool follows TravelPerk's rollout in October of its standalone Covid-19 tracking and data service and a new open-API based platform the company unveiled in September.