Automated foreign Vat reclaims – easy and essential Turning Vat expenses into revenue

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2080

use and can be operated by anybody travelling abroad on business while For many international companies, business travel has become an essential and fundamental part of their everyday reality and work scheme. Without routine foreign travel, many companies would find it extremely difficult to get by in today’s competitive market and might not be able to operate at all in their respective fields. In fact, international companies in sectors such as finance, banking, commerce, and many more, often employ individuals whose ordinary on-job routine includes a substantial dose of travel. Foreign business travel is often essential to meet customers, potential customers, business partners and officials or to inquire new or existing markets.

As we all know, travelling costs money, but what we pay for while we are travelling abroad in a foreign country includes VAT that we could reclaim back. In the past, we would save paper receipts, sometimes dozens at a time, in order to reclaim the VAT at the conclusion of our travel. The process was clumsy and disorganized, receipts would get lost or otherwise discarded. Many potential VAT reclaims would also be overlooked as a result of ordinary inconvenience of either collecting receipts or saving receipts for certain sums.

Gladly, that has changed over the years. Nowadays, selected companies offer automated foreign Vat reclaims through platforms that allow real-time scanning of receipts and offer higher efficiency, time saving and paperwork reduction, and in many cases significant economic gain for the company that employs them. Theses can include immediate reimbursement and integration with other platforms as well as comprehensive and extensive reporting and control mechanisms for the company’s financial officers.

These systems have basically revolutionized the field of Vat reclaim, are easy to ensuring full transparency and communication with the home office anytime.

If you are part of an international company where foreign travel is essential, and are either travelling yourself on a frequent or occasional basis or have employees that do, I strongly recommend a solid automated Vat reclaim platform that will change the way you look at the issue. Have a nice travel!