Many employee expense management systems (“EMS”) are great at ensuring employees are reimbursed for expenses they lay out on behalf of their employers. Many of these EMS are less good at identifying the VAT that may be recoverable and is included in the expense.
While this may seem trivial, potentially lost VAT can amount to a substantial sum of money. Given the fact that the average rate of VAT in the European Union (“EU”) is over 20%, your business could be losing out on VAT refunds over for relatively modest levels of VAT expenses.
Source: way2vat.com
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