Is your travel spend increasing but your VAT reclaim isn't?
Travelers rarely have the time to submit their travel expenses, let alone know if they are compliant for VAT reclaim or in line with your travel policy. That is where Mobile Expense Technology becomes a real game changer!
Mobile expense technology that can validate a receipt on the go for VAT compliance is the perfect solution for both the traveler and your business.
As an example, a company who experienced this common problem came to Taxback International in 2015 with a nominal VAT recovery of €25,000. In the space of 2 years we increased this 10 fold to over €330,000.
The key to the increase is the business traveler.
How did we do this?
Using our Enhanced VAT Technology Reporting, we identified where the VAT was being lost. This was broken right down across a number of parameters, including entity level, department level, expense type and even employee name. The report yielded the following insights: over 40% of this client invoices were missing or incompliant for VAT reclaim.
Once the VAT loss had been quantified and the reasons established, we implemented our quick, efficient and hassle free educational tools to assist employees on the go to understand what the problems were.
In under just 2 years VAT reclaim was increased over 10 times using our low touch, high value VAT reclaim solution.
To learn more about how you can use your travel data to add money back into your bottom line, Taxback International's Joe Healy, together with Cathy Sharpe (Director, Global T&E ITW) will be hosting an educational session at this August's GBTA Convention in San Diego.
This session will be of interest to companies of all sizes wanting to benchmark their VAT reclaim processes against industry best standards, to ensure maximized VAT reclaim, & compliance. Add this not to be missed session to your event planner today.
Monday, August 13th | 8:00 AM - 8:30 AM | Meeting Room 6B Upper Level
If you want to learn more now, why not register for your free VAT analysis of your global travel spend today?