Global VAT Recovery Services | KPMG | YE

Global VAT Recovery Services

Global VAT Recovery Services

KPMG’s Global VAT Recovery Services combines data analytics with automated processes to help you recover foreign VAT.

New technology means new opportunities. Learn how KPMG firms can help you recover VAT.

Companies that do business in the European Union are often entitled to recover the value-added tax (VAT) paid on certain types of business expenses and purchases of goods and services. However, every year large amounts in recoverable foreign VAT are left unclaimed and accessing refunds is becoming more difficult. According to KPMG's VAT/GST Refunds Survey 2014, some countries even preclude refunds altogether, while others may allow refunds in theory, but in practice payment is being excessively delayed and processes can be expensive to comply with.

Combining data analytics, technology-enabled opportunity identification and automated claim preparation, KPMG's network of professionals can help you recover foreign VAT that may be currently missed and take a complex, and sometimes highly manual process, off of your hands.

KPMG's VAT Recovery Services teams are comprised of a global network of multilingual professionals based in member firms and Centers of Excellence around the world with deep knowledge of VAT business issues in multiple jurisdictions

 

Have you considered?

  • Do you incur travel and entertainment expenses in the EU?
  • Is VAT refunds part of your cost management effort?
  • Is your VAT refund process as efficient as it could be?
  • Do you know how much VAT you are entitled to recover?

 

Our process

1. VAT Opportunity Report

The first step in an analysis of a company’s credit card and/or time and expense system data to create a VAT Opportunity Report.  This report quantifies the VAT refund opportunities by country and type of spend.

 

2. Invoice collection

Based on the VAT Opportunity Report, a target list of desired invoices is created to avoid time-consuming manual invoice review and to quickly prioritize what actions need to be taken to maximize VAT recovery.

 

3. Missing invoices

Our automated processes can identify when proper documentation is missing by comparing collected invoices and target data, driving efficiency in the retrieval of high-value missing invoices directly from vendors.

 

4. Refund application

We use our automated VAT recovery solution to process the invoices, to run quality checks and to generate highly accurate VAT refund claims and formatted information that we can centrally submit to European tax authorities’ portals (in the case of intra-EU refunds).

Our periodic reporting allows you to follow the status of the refunds from submission of the claims to tax authorities’ decision.

 

5. Recovery

KPMG VAT professionals manage the VAT refund claims from submission to refund and can analyze the gap between the VAT incurred and VAT recovered to identify methods to improve your overall VAT recovery performance.

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