Companies failing to claim €26bn in travel VAT: Kilkenny-based Taxback International
COMPANIES could be failing to claim over a whopping €26 billion every year in VAT from travel expenditure, according to research carried out by Kilkenny-based Taxback International.
The Kilkenny headquartered company specialises in VAT recovery and compliance across the globe.
It said many businesses are leaving travel VAT unclaimed because of their lack of knowledge, resources and the technology required to reclaim it successfully from international tax authorities.
The Kilkenny company said the process is “particularly slow, complex and cumbersome when done manually”. It has called for automated technology to ease the procedure.
Taxback International CTO Barry Noonan said: “Our research shows that globally companies are likely to be missing out on $30 billion(€26.6 billion) of potential refunds every year, with up to $10 billion being incorrectly claimed, leaving companies open to severe penalties.
“In addition to maximizing refunds for our clients, we help them maintain compliance and do so in a secure manner. As the only major VAT technology provider based entirely in the EU, adhering to the most stringent GDPR standards is a given, but we take it much further by being regulated to international banking standards, incorporating best practices such as two-factor authentication and working with industry experts to ensure our security is of the highest standard.”
Taxback International is part of the Taxback Group which has 30 offices worldwide and business across 126 countries.