Worldwide, companies may be failing to claim up to $ 30 billion in VAT on travel expenses each year. For many, the hassle of claiming foreign VAT doesn’t seem worth the time investment, or the resources simply aren’t there to do it. Others still may not know how to go about VAT recovery and abandon the process before even starting it.
While VAT recovery can indeed be a laborious process, integrating it into your expense management system will result in considerable financial gains with little to no hands-on investment on your side. And in times like these, every single euro counts.