Navigating international VAT reclamation with Taxback International
For many companies, technology and the digitalisation of information has meant that international reach has gone from a dream to a reality, and borders no longer restrict the business a company secures. However, this seamless access includes some less pleasant facts of global trade as well as the complexities of navigating international VAT reclamation.
KILKENNY, Ireland, Aug. 6, 2020 /PRNewswire-PRWeb/ -- Moving beyond home territory, into unknown government trading laws and navigating international VAT reclamation is an underlying issue often overlooked. The reality is, the tax transactions and regulations around this are a moving minefield of compliance complexities in each government jurisdiction. Furthermore, if finance teams are not fully aware of the details of foreign tax laws or lack the time needed to unravel complex VAT regulations, the consequences can be detrimental. The more data that a business generates, the more convoluted the landscape becomes.
International markets are intricately linked yet innately complex. And there has been an increase in continually evolving regulations and processes to manage these markets, coinciding with the adoption of new technology. This, in turn, creates considerable amounts of data to examine, making compliance navigation challenging.
Joe Healy of Taxback International, along with SAP Concur and Medtronic, agree that businesses need to be well equipped to avoid running into non-compliance issues wherever they or their supply chains operate in the world. Preventing such problems requires in-depth global market knowledge, rich data, and a complete understanding of each tax jurisdiction's compliance regulations in order to collect full benefits from VAT claims. Luckily, navigating international VAT reclamation is simplified with technology that taps into data and delivers digital reports, analyses comparisons with previous data sets and monitors regulatory changes, while remaining compliant with international tax authorities.
To put it simply, streamlining tax procedures involves accurately and meticulously logging data. Businesses must stress the importance of digitally archiving expenses and invoices. Working with strategic partners as a unit, an ecosystem of data-sharing is vital for aligning with global tax compliance standards. In doing so, navigating international tax regulations can be smooth and efficient.
To learn more about how Taxback International can help guide you through navigating international VAT reclamation, please visit: https://taxbackinternational.com/vatconnect/
About Taxback International
Taxback International is the world's leading provider of VAT reclaim services and solutions on corporate travel expenses and AP invoices. We work with companies of all sizes to maximise their VAT reclaim opportunities in both local and foreign tax jurisdictions. We ensure our clients have minimal input but receive maximum impact. Taxback International has an unparalleled reputation for delivering exceptional client care, continuously enhancing the client's VAT experience.
With our ongoing investment in technology and a team of global experts, Taxback International is capable of handling VAT refunds from any country in the world and for any business. Taxback International have built highly sophisticated data integration, data capture and automated workflow solutions and packaged them into a secure industry-leading client interface.
SOURCE Taxback International
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