VAT Recovery across the board
Our out-of-the-box solution marks a technological breakthrough in the VAT recovery space. VATBox seamlessly handles all VAT related issues. VATBox provides full insight with unprecedented analytics, segmentation, instant record retrieval, useful reports, detailed audit trails, and more. The bottom line is more money in the bank – with additional governance, compliance and visibility.
Validates every piece of information and checks for eligibility according to the applicable rules.
Keeping track of all structured and unstructured travel and expense (T&E) is no simple task. Most expenses are charged on company credit cards while other expenses are paid in cash or with personal cards. In addition, not all electronic invoices are valid for VAT recovery and printed invoices often contain varied VAT recovery rates that are not distinctly marked. The situation is further complicated as diverse foreign rules, regulations and directives apply to what constitutes an eligible VAT expense.
VATBox sets the record straight while reducing VAT related risks. With intricate knowledge of regulations across the globe, VATBox puts an end to human error and over/under-claimed foreign travel expenses. Aggregating all of the data from multiple sources, VATBox validates every piece of information and checks for eligibility according to the applicable global VAT compliance rules – without any regard to the size of the invoice. VATBox handles VAT registration abroad for all its customers and prepares the data for the periodical VAT deductions. The bottom line is higher compliance and returns with full visibility over every step of the process.
Strictly adherence to local rules and precedents.
While reclaiming foreign VAT is a complex experience, numerous problems arise while trying to recover local VAT on T&E spend. Due to the difficulties in correctly identifying the values of recoverable VAT from the volumes of T&E invoices, substantial human resources are consumed and smaller invoices are often “overlooked”. In addition, companies must strictly adhere to local rules and precedents, of which they may not have complete and accurate knowledge. Despite all their good intentions and careful planning, companies run the risk of an expensive and draining audit by the local VAT authority.
VATBox indiscriminately processes all domestic expenses on invoices of any size, and carefully checks their eligibility for VAT recovery in accordance with the applicable local laws. By leaving behind a detailed audit trail, the risk of an audit is exceedingly reduced. In addition to higher VAT returns, VATBox provides peace of mind with the knowledge that the entire VAT value chain is transparent and operating in full compliance.
Identifying, validating and claiming back all foreign AP VAT.
Although most foreign Accounts Payable are not subject to VAT recovery, invoices from activities abroad often contain hidden VAT charges that might be recoverable:
- Participating in overseas conferences or events
- Professional services not subject to Reverse Charges i.e. professional services with linkage to the supplier country, such as legal services in local court (in contrast with legal services not in court), services related to immovable property, and more.
Recovering foreign AP VAT is a painstaking process that requires up to date expert knowledge of complex rules, regulations and best practices in every country in order to determine if VAT was properly/wrongfully charged. Consequently, organisations attempting to identify all eligible and incorrectly charged invoices find themselves involved in a time-consuming, frustrating manual process replete with human inaccuracies.
This is where VATBox comes to the rescue. Its airtight cloud-based technology reviews every single invoice – regardless of its size – to identify, validate and claim back all foreign AP VAT. VATBox follows up on all claims, and when relevant, will rectify and resubmit, efficiently and accurately.
VATBox carefully checks every expense and wherever possible will recover inter company VAT.
Recovering VAT from inter-company charges is a complex domain that few master. Even countries that do not have any VAT requirements can be charged VAT on inter-company transactions issued by their foreign divisions and subsidiaries. These charges apply to a variety of expenses including travel, shipment, training, goods, services and more.
In order to assure full international compliance, inter company expenses must be handled case by case, which is both time-consuming and unproductive. VATBox streamlines the VAT recovery process and will carefully check each case, recovering inter-company VAT wherever possible.
Processes all event-related transactions, whether abroad or domestic.
Company conventions, trade shows, and similar events abroad are subject to special rules that vary greatly per country. Although business VAT refund opportunities exist for exhibitors and event organisers, acquiring the knowledge of each country’s rules is a painstaking and an almost impossible task. As a result, many eligible transactions simply go “unnoticed”, leading to under claimed VAT submissions.
VATBox offers a time-tested solution for handling all event related transactions, whether abroad or domestic. With VATBox’s knowledge of the latest rules and regulations, VATBox users will gain a full and automated recovery of their VAT without the need for valuable and scarce company resources.
Delivered Duty Paid: the seller bears all the costs in the destination country.
Refundable VAT applies to two common types of shipping methods. In drop shipments, the goods are sent directly to the client from the supplier. In Delivered Duty Paid (DDP), the seller bears all of the costs, duties and taxes in the destination country.
Whether structured or unstructured, RMAs or giveaways for an event abroad, VATBox resolves all foreign shipping related VAT claims. The VATBox VAT recovery solution recognises even unclear and non-standard shipping documents, integrating these with leading courier APIs to make the process flawless. The result is company-wide transparency and maximum shipping-related VAT returns.
Ensuring that all tools and equipment were properly charged and correctly identified.
Global manufacturers, from automotive to pharmaceutical, ship costly machinery to be used across factories in various countries. Accounting for such transactions is a complicated procedure that must take amortisation, depreciation and more into consideration.
VATBox ensures that all tools and equipment are properly charged and correctly identified, and after checking for eligibility will recover all the qualified VAT.