GST reclaim is a hidden savings opportunity for the APAC region
18th June 2020: Companies are unaware of just how much revenue is tied up in unclaimed VAT/GST reclaim from travel expenses and company invoices.
Now more than ever, it’s important for companies in the APAC region to take a strategic approach to manage resources. Focusing on revenue-generating activities and tightening budget wherever possible will help you weather storms and prepare for an uncertain future. The good news is that sometimes a forced re-focus brings opportunities to discover hidden savings.
Value Added Tax (VAT) / Goods & Services Tax (GST): A hidden savings opportunity
Many companies are unaware of just how much revenue is tied up in unclaimed VAT/GST reclaim from travel expenses and company invoices. The hassle of processing the reclaim often outweighs the perceived benefit. However, travel expenses alone represent a significant part of a company’s budget – up at least 20% and with VAT/GST rates averaging 27% across the globe, you could be missing out on significant savings potential.
Thanks to our partnership with SAP Concur, we can quickly and easily reclaim your VAT/GST and boost your bottom line. As the leader in digital solutions for travel, expense and invoice, SAP Concur automates the entire spend management process, eliminating manual efforts and giving you full visibility into company spend. Together with our automated solutions for VAT/GST recovery, we can increase your cash flow while maintaining full compliance.
How it works
- Through our innovative VATConnect™ platform which integrates seamlessly with SAP Concur, Taxback International can access your spend data and images.
- Using this information we calculate your VAT/GST reclaim potential and then automate the entire VAT/GST reclaim process so you can avail of your VAT/GST refunds immediately on all past and present spend.
- Simply go to SAP Concur App Center and connect to the Taxback International app to get a complimentary, no-obligation analysis on your VAT/GST reclaim potential.
We can also reclaim VAT/GST on all your historic domestic travel and entertainment expenses- in some cases recovering up to 5 years’ worth of VAT with very little effort on your part.
The backdated figures for the APAC are as follows:
Australia 4 years, New Zealand 2 years, Japan 5 years, China – no limit, India 1 year, South Korea 5 years and Singapore 5 years.
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