Well, VAT (Value Added Tax) can be compared to a sales tax, it levied on the expenditure of consumer goods and services and business transactions, which is paid by the consumer at the point of purchase in many overseas countries. This is now a major source of revenue for the government in several foreign countries.
For individual consumers, it’s a straightforward tax, paid at the point of purchase. For businesses, though, it’s a pretty complex system. However, put in simple terms, companies pay VAT on their purchases (known as input tax) and charge VAT on their sales (known as output tax).
Imports and exports are also subject to VAT regulations. When you import goods from outside the European Union (EU), you must pay VAT on them. Exports to other EU countries and non-EU countries are normally zero-rated.
So the answer to your interest level in vat refund procedures may differ if you are an individual or if you are a company doing business with foreign countries. This can be a major expenditure for a business and my understanding much of this can be recovered if you know how to do so.
This is where the company Global Tax Reclaim Ltd. comes into play. They are experts in recovering this tax for companies and could possibly be something that a company would want to study and resolve as soon as possible.
In short, Companies can reclaim VAT that is paid in other countries for many transactions that they are unaware of while at trade shows or travel for employees. Check into it now for your companies benefits.
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