Oil and Gas companies can increase VAT reclaim by an average of 50%
24 February 2020: Taxback International eliminate the VAT burden for many clients across the Oil and Gas sector, providing realtime visibility every step of the way.
The scope of oil and gas services are vast. From drilling services, leasing of ships, pipeline installation/maintenance, to warehousing services, spend within the industry can be astronomical. But corporations are now beginning to realise the true value VAT reclaim can add to their bottom line.
Oil and Gas companies regularly incur expenses in a number of foreign countries which leads to huge VAT liabilities. From drilling services, leasing of ships, pipeline installation/maintenance, to warehousing services, spend within the industry can be astronomical.
Taxback International use our integrated VAT reclaim software to automatically review every single travel expense – so our clients don’t have to. Our robust expense reporting provides visibility into total travel spend and VAT potential, providing insights to ensure VAT compliance for future travel.
Taxback International refund VAT each and every day on foreign and domestic travel and expenses, AP suppliers invoices, and intercompany expenses for Oil and Gas companies, including:
Accommodation, meals and transportation of the team,
‘Upstream’ exploration and production activities,
‘Downstream’ marketing activities.
Oil and Gas companies can increase VAT reclaim
Handling VAT recovery in a number of foreign jurisdictions is hard work. It requires up-to-date knowledge on specific aspects of cross-border taxation, dedicating technical resources to multi-jurisdiction VAT recovery and compliance. Taxback International are experts on Oil and Gas industry VAT through years of gained expertise in effortlessly handling all aspects of VAT for our clients, increasing VAT reclaim by an average of 50% for new clients, when compared to past-reclaim.
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