What is Domestic VAT Reclaim?
Auditing the expenses and preparing a high-level summary of the VAT deductible amounts by country.
Value Added Tax or VAT is the most important indirect tax in the world. It represents a significant share of tax revenues of most companies in the world except the USA.
Subject to local tax rules, companies can deduct the VAT incurred on domestic business purchases (through their local tax return). VAT rates range anywhere from 0% to 27%. If you are an International organisation with single or multiple VAT registrations, Taxback International can assist you to maximise your domestic VAT deduction
Features of our Service
We analyse your expenses – whether T&E or AP – in the jurisdictions where you are VAT registered and provide you with a comprehensive report of deductible amounts and VAT opportunities.
- Assessing invoices and receipts for VAT deductible,
- Providing reports itemising deductible VAT,
- Providing instructions for completing VAT returns or
- Completing (amended) VAT returns as appropriate.
VATConnect – Analytics: Tracking & Reporting
As we manage the full VAT function from beginning to end, we have designed an online reporting system which allows our clients to view the status of VAT claims, data analysis, registrations and returns right through to the payments being made by the Tax Office.
VATConnect – Analytics is the designed client interface of the Taxback International CRM where all actions on files are registered and therefore, visible to the users. The access to our online reporting system is organised so that the HQ will have visibility on all its affiliates’ claims whilst each individual entity will have access only to its own claims. The suite of reports is still designed to provide on an entity level that same comprehensive information as per it appears on the Taxback International CRM, therefore, that every entity will be able to monitor all parameters of its own claims the way the HQ is able to monitor them.
Domestic VAT Reclaim Technology
Our proprietary transactional data analysis programme allows clients to identify the VAT deductible opportunity from in-house data.
It identifies any transactions which are eligible for VAT deduction and gives the VAT amount that is deductible. Additionally, it allows you to evaluate the opportunity in advance of making the claim.
The company structure is taken into consideration for determination of the correct treatment of the expenses from VAT perspective. The data is then imported into our systems. A dedicated team of highly qualified auditors reviews all individual transactions and calculates the deductible VAT proportion for each transaction in line with the local deductibility rules and regulations.
Improved VAT compliance
- Taxback International can help you identify where your company needs to register VAT and confirm where there are no issues.
Maximising VAT reclaim
- Receipts and invoices are analysed by VAT specialists, experienced in the various requirements of the different jurisdictions.
Tracking of expenses
- Visibility on repeated non-compliance of documents, giving the opportunity for amendment for internal travel policy to ensure maximum VAT recovery. Staff is educated to collect compliant documents.
- Staff are educated to collect compliant invoices.
Why Taxback International?
- Expertise in multiple jurisdictions
- Dedicated research teams and VAT consultants
- Customised services to meet your business needs
- One-stop-shop for VAT consultancy, VAT training, VAT compliance and VAT reviews
- Multilingual staff to fully manage your relationship with the various tax offices
- Fully owned process, resulting in cost-effective solutions