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Don’t get caught out by changes to foreign VAT rates

Requesting a foreign VAT refund is fraught with challenges. It begins with making sure that all the employees in your company have entered the VAT information for their expenses into your expense software correctly. Additionally, there’s no standard formatting for foreign VAT receipts, so you’ll have to put in time and energy working out exactly how much VAT was paid and what it was paid for, so that you can verify that all the VAT was paid correctly. On top of that, all too many VAT receipts are likely to be torn, stained, crumpled, or all the above – making deciphering them a challenge in and of itself.

But just to make VAT reclaim even harder, foreign VAT rates don’t stay the same forever. If your company’s employees are involved in a lot of business travel, it’s very likely that a number of VAT rates have changed just during the past financial year. It’s vital for you to keep on top of all changes to both standard and reduced foreign VAT rates, so that you can make sure that your VAT refund requests are always correct.

Source: way2vat.com