As a business owner, CEO or director of finance, you know the importance of maximising your company’s profits and minimising expenses. One way to add to your strategic processes is by optimising Foreign VAT Recovery Solutions on business expenses while travelling abroad.
Let us explain how you can recover the unclaimed foreign VAT (Value Added Tax), from business travel to save money and boost your profits today.
VAT – The Tax That Pays Back
Many countries around the world, including most European Union (EU) countries, use VAT as a fiscal tool to maximise government revenues. It is a consumption tax levied on the sale of goods and services. As a business owner or executive, you can recover the VAT paid on business expenses while travelling abroad, for your company. All you need to do is to follow the correct procedure and fill up and file the necessary paperwork to initiate the Foreign VAT recovery process.
Regardless of the size of your business, whether you are a Multinational or a Small and Medium Enterprise (SME), you can recover your VAT. Recovering VAT is an official and legally approved process in VAT-refunding countries; VAT recovery companies specialise in this.
VAT Savings of Up to 25%
By focusing on Foreign VAT Recovery solutions and the VAT paid on business expenses, you can save your company up to 25% on the cost of those expenses. If your company has staff that frequently travel for business, these savings can add up quickly to significant amounts
Standard VAT rates range from as low as 5% to as high as 25%. They vary by country. In EU countries, for example, VAT rates generally range from 15% to 25%. VAT rates in the Far East are typically much lower at around 5% to 10%. What is currently paper in your files (we refer to hotel and entertainment invoices), can be converted to cash.
To make a rough estimate of your Foreign VAT recovery solution potential here below is a table of some VAT refunding countries and their standard VAT rates:
Some Standard VAT Rates in Countries Around the World
| Country | Tax | Rate |
|---|---|---|
| Austria | MwST | 20% |
| Belgium | MwST | 21% |
| Canada | GST | 13% |
| Denmark | MOMS | 25% |
| Finland | ALV | 24% |
| France | IVA | 20% |
| Germany | MwST | 19% |
| Country | Tax | Rate |
|---|---|---|
| Japan | C.TAX | 10% |
| Netherlands | BTW | 21% |
| Norway | MVA | 25% |
| S. Korea | VAT | 10% |
| Spain | IVA | 21% |
| Sweden | MOMS | 25% |
| United Kingdom | VAT | 20% |
Note: The above is a selection of countries. More countries refund VAT on Business Travel. Rates may be changed without notice. Not all countries refund to every country. For example, highlighted in red, is a country that does not refund Colombian businesses, due to the reciprocal refunding rule.
VAT Recovery Solutions for Events, Exhibitions, and Seminars
If your company participates in Events, Exhibitions, or Seminars abroad, you may be eligible to recover the VAT paid on such expenses. They can include fees for exhibition space, construction of stands, marketing materials, insurance and transportation.
VAT incurred on exhibitions can be high. It is profitable to recover VAT wherever it is applicable and refundable. It is really money in your bank, with very little effort on your part!.
VAT Recovery on Accounts Payable Invoices
In addition to recovery for events, exhibitions, and seminars, your company may also be eligible to recover the VAT paid on Accounts Payable invoices for goods and services purchased.
These expenses may have been made during a business trip, or incurred on a purchase where VAT has been incorrectly charged. It could even be VAT charged and paid on a purchase made by your company. No one in your Company may have picked up the fact that VAT was incorrectly charged. We can help you with that.
Coromandel SAS can help your company recover VAT on Accounts Payable invoices, as well as VAT on other expenses incurred in VAT-refunding countries. If you have an invoice with VAT charges from a VAT-refunding country, do consult with us. We can help you recover the VAT paid.
No Result? No Fees To Be Paid!
The fees for our foreign VAT recovery services normally depend on the volume of VAT that needs to be recovered. We work on a Contingency Fee basis, which means that there is no advance payment required to utilise our services. We only get paid if we are successful in recovering your VAT. If we are able to recover your VAT from refunding countries, we will deduct our agreed percentage as fees and send you a cheque or make a bank transfer for your VAT refund.
VAT Registration and Filing Services
As a business owner or executive, it’s important to be aware of VAT registration and filing requirements, especially if your company sells products in different countries around the world or handles transactions over the Internet.
Coromandel SAS can handle both VAT registration and filing processes to ensure that your company is in compliance with the country’s VAT regulations.
VAT Refund Services to Universities
Universities with overseas educational programmes in a VAT-refunding country may be eligible for VAT refunds. Many universities also have a printing division and print books and papers. These may attract VAT when sold. Coromandel SAS can assist in recovering refundable VAT.
VAT Refund – Invoice Compliance
Invoices will always have to comply with the specifications of the respective VAT Authority. If not there will be no VAT refund.
Now and then, we come across invoices that are not compliant. At Coromandel SAS we have a solution for non-compliant VAT invoices. We can communicate with the supplier and have the invoice corrected as per the specifications for correction indicated by the VAT authority.
Once the Invoice is compliant with the list of specifications, we can then apply for the VAT refund. The process will increase the total amount refunded.
VAT Recovery Turnkey Solution – A Hidden Goldmine
Coromandel SAS provides turnkey VAT recovery solutions for clients. There is very little the client has to do except hand over the VAT invoices to us along with a couple of other documents.
Our team handles the rest, including reviewing invoices, research, form-filling, documentation, paperwork, and communication with the relevant authorities to ensure your company receives the maximum VAT refunds possible.
With our turnkey solution, you can focus on running your business while we handle the VAT recovery process for you. Contact us to learn more about how our turnkey VAT recovery solution can save your company time and money.
Who Can Benefit From Our VAT Recovery Solutions?
A wide variety of organisations can benefit from VAT refunds. These range from Small and Medium enterprises (SMEs) to large Multinationals to Retail Businesses to Universities. There really is no restriction on which types of companies can benefit from VAT recovery.
VAT Recovery is a Simple Process, With Coromandel SAS
Recovering VAT on business expenses while travelling abroad doesn’t have to be complicated. Coromandel SAS offers a streamlined process to help your company recover the VAT paid on business expenses while travelling abroad. Contact us to learn more about how we can help your business maximise its profits and minimise expenses.
Millions of dollars go unclaimed each year. It is a simple decision to recover your VAT. Make it today. Contact us.
Are VAT Recovery, VAT Refunds and VAT Reclaim the same thing?
To obtain a VAT refund, a claim (VAT Reclaim application), will have to be made to the appropriate VAT Authority. The process is often referred to as VAT Recovery. It is, however, common to use all three terms for the same process. This VAT refund process is for businesses and Business Travel only. Connect with us today to save your company a significant percentage of expenses that might otherwise be lost forever. Understand the difference between Recovery, Reclaim and Refund.
Coromandel SAS also offers a free consultation with our principal consultant, Mano Chandra Dhas. During this consultation, Mano will review your company’s VAT recovery needs and provide recommendations on how to maximise your VAT recovery.
Schedule your free consultation and learn more about how our turnkey VAT recovery service can save your company time and money.
Click here to email Mano Chandra Dhas for a free consultation, or presentation on the processes and benefits of VAT recovery services.
More Resources and Information on VAT Recovery
- Useful PDFs for circulation within companies: PDF on VAT Refunds
- Information from UK VAT Authority: Refund of VAT for businesses visiting the UK
- Germany – Refund of VAT to Businesses established outside the EU
- Fill up this Contact Form and ask to receive a free detailed list of major refunding countries and how much they refund on different expenditures, updated for 2023. It will arrive in your inbox, at no expense to you!
- Everything you need to know about International VAT, & VAT Refunds.
Related Terms to VAT Recovery
International VAT Recovery Solutions on Business Travel, Foreign VAT Refund on Business Travel, Foreign VAT, International VAT, VAT Recovery Services, VAT Recovery, VAT Recovery Company.