TaxTech July 23, 2018
With Europe slowly sliding into their summer holiday, we have decided to follow suit and take some time off to roam the rolling hills of Tuscany. We have accumulated some nice reads for the next two weeks about VAT recovery, some travel tips, a White Paper and some nice video testimonials to keep you informed and updated for the next 2 weeks. Enjoy the read, enjoy the holiday and we will meet again August 6, 2018 with our regular TaxTech updates.
Tax Alert: Action Required for VAT Refunds. If you are an EU-based business that has paid value added tax (VAT) in Europe during 2017, or a non-EU business based in specific countries, you may be eligible to recover the VAT. The deadline for submitting a claim to the relevant EU countries for a refund is 30 September 2018, so the time to act has arrived. More here.
B2B VAT Refunds: Your Questions Answered. VAT is an indirect tax levied on the consumption of goods and services in many countries around the world – a tax that is generally recoverable. However, VAT is often considered a grey, murky area, with many companies choosing to avoid the burden of VAT administration altogether, rather than delve into its complexities. Isaac Saft, CEO of VATBox, explains the significance of B2B VAT recovery and the impact it can have an on a business’ bottom line. More here.
Create an Efficient Finance Team to Increase Your VAT Refund. Is your finance team under-equipped to handle the nuances of VAT refunds? If your company wants a healthier VAT return, back your team up with VAT automation tools for a smoother process. Find out how here.
Travel expenses and VAT Recovery Tips
Safety tips for the business traveler. For business travelers who travel to a wide range of destinations around the world, and must deal with the additional stress of tight work schedules and multiple meetings all over the world, safety considerations are more critical than ever. Find tips here.
Increasing VAT Reclaim through Effective Indirect Tax Management. The growing popularity of bleisure travel makes the need to enforce travel policy compliance more important than ever. With the continuing globalization of business, and the corresponding increase in T&E to facilitate this growth, the risk of fraud and abuse in these areas must be monitored and addressed. Travel managers must retain full visibility into all T&E spend for control over out-of-compliance expenses. Find out how here.
New Methods for VAT Recovery while Traveling. VAT recovery plays a big role in business trips. Make sure your company knows how to reclaim all available VAT and keep up-to-date with all the new developments for reclaimable VAT through travel. Tips here.
Business VAT Reclaim: A Guide for Employees. A correct and compliant business VAT reclaim requires a high level of global expertise and experience. With such a huge value placed on a company’s business trip expenses, your employees need to know exactly what expenses can be claimed for and the required compliant documentation needed. Guide here.
Dell Technologies almost missed out on Millions in VAT Potential. Dell missed out on millions of their VAT reclaim potential as smaller invoices were not considered for VAT recovery. They found out that only 38% of the total invoices were analyzed as the other 62% of Dell’s invoices were below €50. Find out here on what Dell did to improve their VAT recovery process. Watch the video here.
Vestas Wind Systems Recognizes VATBox for Recovering Millions in VAT. Vestas was looking for a technology solution to streamline its global VAT recovery process, with global visibility in VAT spent, full compliance, and total data integrity. Check it out here. Watch the video here.
Deep Learning in Fintech and its impact on the tax function. Did you know that AI technology increase productivity by 40%? It is especially impactful on the tax function, where manual and repetitive tasks can be transformed by cognitive computing. Learn how you can improve the effectiveness of your tax department here.
EMS Before Your Business Needs an SOS. A robust Expense Management System (EMS) provides the comprehensive data necessary to support an efficient and effective VAT reclaim process, with easy audit trails necessary to satisfy tax authority requests. We have prepared a White Paper that provides detailed data about the difficulties in VAT reclaim, defines how to choose an EMS, describes widespread productivity gains from implementing EMS, and clarifies the true benefits of having a robust EMS for your business. White Paper here.
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