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International VAT: Don't leave your cash behind

31st Jul 2018
Brought to you by
SAP

SAP® Concur® is the world’s leading brand for travel, expense and invoice management solutions.

Save content
Have you found this content useful? Use the button above to save it to your profile.

Millions are being left behind by companies that are sending employees travelling on their behalf, but not entering into the process to reclaim the VAT that is available to them.

If you dropped change while in the supermarket, would you choose to pick it up? Of course you would! Our money is our money and we protect it carefully. To lose or not be able to obtain rightful refund of your money is a terrible feeling.

So why is it that so many people don’t apply the same mentality to their company’s finances?

Opportunity knocks

Only around 4 per cent of global travel spend available is reclaimed through VAT, 10 per cent in the case of European travel (discounting airfare). Projected figures put business travel spend at around $220 billion for 2017 in Western Europe alone, so there are large amounts of unclaimed money.

So why isn’t this collected?

Manual processes are the main reason why much money is not claimed back as it needs a high level of expertise and it is time consuming. The rules of the claiming process differ from country to country and between different businesses and the paperwork can be rejected for any mistakes.

Both collating the necessary information to reclaim and its alternative, partnering with traditional specialist tax company, can be time consuming for employees as they work through the details and evidence.

Automation and innovation to the rescue

Automation can reduce the effort of reclaiming. Once the expense process is automated, spend on business travel is automatically captured in the system. Tax companies like those found in our ecosystem of partners have automated the process of analysis, submission of claims and reclaiming the money on behalf of their clients. This means that now money flows back into your accounts without you having to lift a finger!

Getting your ecosystem right

We are proud of the ecosystem that we have built and how our technology helps companies. Thanks to our system, Electrolux reclaimed 75,000 Euros in the first year compared to 18,000 Euros in the previous year after they connected their Concur account to one of our tax partners

Our platform is linked with several Tax Reclaim Partners. This, along with our integration between travel bookings to proactively alert travellers to obtain the right receipts, makes Concur a safety net for your business, ensuring that any money you might drop is put right back in your hand. 

Contact us and find out how to make your reclaiming international VAT simpler with Concur.

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