- VAT recovery in the engineering industry can be complex and time-consuming
- Manual VAT recovery processes are often resource-intensive and yield little results
- Engineering firms with local or international expenses have VAT potential waiting to be recovered
- Value-added tax is applied at every stage of the manufacturing and supply chain
- Businesses are entitled to recover VAT charged by their suppliers
- Significant high-value costs in engineering may be eligible for VAT recovery
- Tooling costs, licensing & permit fees, and cross-border supply & installation costs can be recovered
- VAT recovery can help businesses save money and avoid non-compliance risk
Source: blog.vatit.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
