- Complex VAT Recovery Challenges: Motorsport organizations face significant challenges in reclaiming foreign VAT due to the complexities of operating across multiple jurisdictions. Manual reclaim processes are time-consuming and prone to error, leading many companies to miss the opportunity to recover up to 25% of VAT on international projects.
- Common Obstacles to VAT Reclamation: Businesses often neglect VAT recovery on motorsport expenses due to uncertainty about deadlines and eligibility, complex local rules, and a lack of visibility into incurred VAT. This results in the accumulation of unclaimed VAT, contributing to the estimated $30 billion left unclaimed each year.
- Benefits of Automated VAT Recovery: Implementing an automated VAT recovery system streamlines the process by providing real-time visibility, identifying recoverable expenses, and organizing documentation. This reduces administrative burdens, minimizes missed deadlines, and enhances confidence in the reclaim process, ultimately improving cash flow for motorsport companies.
Source Fintua
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