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Catherine Quirke, Chief Commercial Officer Companies abandon billions of dollars in unclaimed value-added tax (VAT)annually. The time-consuming and complicated process to reclaim VAT would prompt many to take a hard pass that VAT is high risk, high touch, and relatively low value. The amount of VAT reclaimable expense types and the processes and requirements vary depending on the state or country. The rules also frequently change, forcing companies to stay on top of changes or risk losing a claim.“A company that wants to recover VAT must understand the rules and how to prepare and submit a claim application for each country to which it has sent travellers. Sixty to seventy percent of receipts and invoices submitted don’t contain the correct information or are the incorrect receipt altogether,” states Catherine Quirke, chief commercial officer at Taxback International. For example, hotel invoices are supposed to have the traveller’s company’s registered name and address, but most invoices are made under the traveller’s own name, disqualifying them from reclaiming VAT. Meals require a proper VAT receipt, not merely the credit card receipt. For organizations, it certainly proves to be a no-brainer if they outsource the whole VAT reclaiming process, and there is no risk involved for them as well as no additional work. Based in Ireland, Taxback International provides VAT Recovery services on T&E expenses globally (corporate travel). The firm has developed industry-leading technology combined with expert VAT knowledge to offer best-in-class solutions to corporate businesses of all sizes at a global level. Established in 1996 as part of The Taxback Group, Taxback International is the world leader in technical innovation, helping clients across the world with their VAT challenges.
“The technology that we offer makes VAT reclaimm very simple, straight forward, and completely risk-free,” adds Quirke.
The technology that we offer makes VAT reclaim very simple, straight forward, and completely risk-free
One of the key differentiators that set Taxback International apart from its competitors in the market is its emphasis on the value-add of working with its clients. Taxback International identifies and gathers the reasons for any eligible but incompliant transaction. The firm reports back to the client and works with them to put fixes in place, to increase the reclaim dramatically next year. For instance, Electrolux, a global leader in home appliances, was looking to eliminate its manual approach to VAT reclaim. They had a shared service center where all the hard copies of invoices were dispatched to, and there was a team of people rummaging through those invoices and identifying the compliant ones for VAT reclaim. After collaborating with Taxback International and through its automated solution, Electrolux was able to triple its VAT recovery in the first year. By the third year, Taxback International increased its client’s VAT recovery by ten folds because the technology can capture every single transaction no matter what the value of VAT is and determine eligibility as well as compliance for VAT recovery.
Taxback International has 23 years of expertise in this domain, and its constant innovation by leveraging the latest AI tech has established its dominance in this field. Forging ahead, Taxback International is focusing on expanding globally. “We offer simple and innovative solutions to streamline businesses’ requirements and make life easier for our clients,” concludes Quirke.
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Company
Taxback International
Management
Catherine Quirke, Chief Commercial Officer
Description
Taxback International provides VAT Recovery services on T&E expenses (corporate travel). The company has developed industry leading technology combined with expert VAT knowledge to provide best-in-class solutions to corporate businesses of all sizes at a global level. Global VAT expert’s are committed to providing their clients with quality of service in smarter VAT solutions since 1996. It offers simple solutions aiming to make life easier for clients. Provides secure cutting edge technology that ensures fast account setup, simple transfer of receipts and an easy overview of your VAT returns, leaving more time for you to take care of business
