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Irish Company Helps US Multi-Nationals Cut Costs
Irish Company Helps US Multi-Nationals Cut Costs
Published 09-24-09
Submitted by Taxback.com
US companies can gain millions of dollars in cost savings through an innovative foreign VAT recovery solution being offered by Irish-owed tax company The Taxback Group.
Companies that do business abroad are entitled to recover foreign value-added-taxes (VAT) on a range of business expenses from conferences, trade fairs, client meetings, market research and other business purposes. VAT can add between 5% and 25% to a company's expenses.
However European Commission research shows that 50% of companies do not reclaim foreign VAT and 80% of large companies making VAT reclaims encounter difficulties.
"In today's business climate, cost cutting measures are critical to business sustainability," said Taxback Group Senior Vice President Sarah Wolcott. "However, due to a lack of awareness and a complex VAT recovery process, companies fail to make reclaims and miss out on what can be substantial refunds."
"Our service makes the process of reclaiming VAT simple for US companies who do business in Europe and abroad. We help them increase their bottom line and save millions."
The Taxback Group can assist US companies in reclaiming their foreign VAT from 27 countries.
The company recently signed a major global deal with Concur, the largest expense management company in the world, to offer its international clients travelling overseas to cut their business costs. Taxback estimates that through this partnership it will assist Concur's multi-national clients in savings more than $50 million in VAT refunds.*
About The Taxback Group
Established in Ireland in 1996, The Taxback Group provides world leading international tax, finance and travel consultancy services to clients in over 100 countries ranging from cross-border workers to individual investors to blue-chip financial service companies. The company provides a range of services to businesses and individuals who engage in travel including business VAT recovery, income tax refunds, international payment solutions, foreign property tax services and international visa and travel assistance. The Taxback Group has 600 staff in 17 countries processing 130,000 tax refunds, 30,000 visas and 60,000 international money transfers annually.
* This estimate is based on VAT reclaim savings of the multinational clients serviced by The Taxback Group in the past year.
