Suppose you forgot your wallet at a restaurant, in a taxi, or at your last business meeting. Chances are pretty good that you’d like it returned – it is yours, after all. Similarly, no business can afford to leave significant VAT (value-added tax) reclaim opportunities unrecovered – especially considering the continuing volatility of thriving in a saturated and competitive market.
Easier said than done though, right? Well, that depends on what you’re doing.
Due to the industry’s complex global supply chains and ever-changing VAT legislation, maximizing your VAT potential is a resource-intensive and exhausting process without the right tools and guidance. Additionally, without the know-how to identify industry-specific hidden VAT opportunities, millions of euros effortlessly slip through the cracks each year and leave businesses prone to non-compliance risk.
What are the most common challenges hindering the recovery process?
- A lack of resources to review and assess high-volume invoices
- Lack of knowledge of eligible expenses
- Incorrect invoicing instructions
- Amendments to legislation across the industry VAT scope
However, not all businesses need to accept a sealed fate of exhausting critical resources in an attempt to reclaim their VAT. Here’s everything you need to know about how your business can reclaim up to 27% of VAT incurred in the engineering sector.
Source: vatit.com
