VATupdate

Fixing the broken VAT Refund industry

The problem with the current process is that it is costly and complicated, and the VAT refund operators that facilitate the transaction swallow up a sizable portion of any tax rebate. Even with a middleman, consumers must keep their tax invoices, complete a long form, and then queue in an airport customs office to present their paperwork for verification before flying home. The tourist then posts the paperwork and waits several weeks for a refund that will be reduced by as much as 40 percent due to service charges assessed by the VAT refund operator.

Source: Forbes

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