When travelling to Europe on business, you will be required to pay VAT (Value Added Tax) on virtually all goods and services that you purchase. This tax, which varies from country to country and across a range of different goods and services, is added automatically at the time of each transaction. VAT ( Value Added Tax ) is also recognised in different countries as ITA, GST, MwST, TVA, MOMS.
As a qualifying claimant of eligible refunds, your business may be able to seek reimbursement of this tax paid on a broad range of business related expenses. In 1998, it was estimated that non-European business travellers to Europe had failed to seek refund entitlements of more than $US 2.5 billion. Today, it is believed that refund applications amounting to less than 1% of this amount have been lodged in the past fiscal year.
Sadly, an attitude of forgetfulness or an unawareness of ones rights and entitlements means that significant sums of claimable refunds remain securely held in European Treasuries. The ability now exists to seek the necessary knowledge and procedures to counteract this situation. Many businesses have calculated their foregone opportunity to recover their portion of these funds and are now stringently applying proper business practice to this matter.
