When it comes to VAT reclaim in the aviation industry, the reclaim process can get so murky that many aerospace companies recover only a fraction of what they can rightfully claim. Moreso, many companies in the aviation sector are unaware of hidden VAT that could be added to common expenses such as fuel, even though they are technically classified as ‘exempt.’ Is your business falling victim to significant VAT leakage? Probably. Is there a way to tap into the refund yield without burning through fuel and critical team members? Definitely!
So, how can businesses in the aviation industry tap into their significant reclaim opportunities without getting caught in the web of complex and difficult-to-manage multinational, cross-border tax strategies? The first step? Understanding the impact of VAT on your aviation business and what you can rightfully claim on local and international taxes.
First order of business? Establishing the groundwork.
Source: vatit.com
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