We are pleased to announce our collaboration with VAT IT in order to give enterprises throughout Europe and the rest of the globe an even more smooth solution for VAT recovery and cost management. We think that by working together, we can enhance VAT refund returns for businesses across Europe that are losing millions of euros in unclaimed VAT each year.
Companies lose out on vast amounts of money in unclaimed VAT due to the European rebate system. A system set up to help companies both outside and inside of the EU save money through VAT recovery and make trade decisions easier. Over a fifth of companies say they are unable to claim back this VAT due to burdensome and overly administrative refund procedures across 30 different European Jurisdictions. In fact, recent research shows that as much as $20bn in VAT could be lying unrecovered by companies globally.
In VAT IT, we have found a partner that understands time is precious to businesses everywhere. Just like them, we understand that collating receipts and expense forms for every cross-border venture undertaken is a less than appealing activity.
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How Does it Work?
According to VAT IT’s CEO, Brendon Silver the partnership aims to eliminate all administrative burdens from mutual clients while increasing their VAT yield. “Our software VAT Cloud integrates with Rydoo’s expense data seamlessly and will allow us to calculate potential VAT savings based on the expense data we pull. Then we can recover those refunds on our fully cloud-based automated system. Essentially, this partnership means VAT refunds for your business at the click of a button,” says Silver.
Companies are often unaware of the possibility of cross-border VAT recovery. Integrating VAT IT’s recovery tool VAT Cloud into the Rydoo expense management tool directly impacts a business’s bottom line through cash refunds and more productive employees.
This partnership represents a real avenue for any business where suppliers don’t cost them money, they give it back.