New research suggests that companies may be failing to claim $30bn (€26.6bn) each year in VAT recovery from travel expenditure.
The research was published by Taxback International, a company headquartered in Co. Kilkenny that deals in VAT recovery and compliance across the world.
They said that $30bn (€26.6bn) represents a huge sum in a $64bn (€56.8bn) annual market, which is growing at nearly 6% a year.
They said that many businesses are leaving this VAT unclaimed because of their lack of knowledge, resources and the technology required to reclaim it successfully from worldwide tax authorities.
The firm said the process is "particularly slow, complex and cumbersome when done manually", and called for automated technology to ease the procedure.
Barry Noonan, CTO for Taxback International, said: “Our research shows that globally companies are likely to be missing out on $30bn of potential refunds every year, with up to $10bn being incorrectly claimed, leaving companies open to severe penalties.
“In addition to maximizing refunds for our clients, we help them maintain compliance and do so in a secure manner. As the only major VAT technology provider based entirely in the EU, adhering to the most stringent GDPR standards is a given, but we take it much further by being regulated to international banking standards, incorporating best practices such as two-factor authentication and working with industry experts to ensure our security is of the highest standard.”
Taxback International is part of the Taxback Group which has 30 offices worldwide and business across 126 countries.
