omniture

Visa Inks Agreement with Taxback International to Make it Simpler, Quicker VAT Recovery for Businesses

- Businesses can cuts costs and improve cash flow
- VAT Recovery Solution eliminates the hassle and uncertainties while maximises refund opportunities
2015-12-08 14:00 2599

SINGAPORE, Dec. 8, 2015 /PRNewswire/ -- Visa and Taxback International, a global leader in local and foreign automated VAT recovery, announced that they have signed an agreement to make the process of recovering Value-Added Tax (VAT) easier and faster for businesses. When charged to the Visa Business Card, businesses can save money on any service fee to Taxback International. VAT can be recovered on key business spend such as travel and entertainment, hotels, restaurants, meals, fuel and transport, trade shows and conferences, telecommunication and many others. Often business travellers do not know that they are paying additional amounts in VAT which are recoverable.

Vikram Kshettry, Head of Small Business Products, Asia Pacific of Visa said, "We are very pleased to work with Taxback International.  Claiming VAT refunds requires a substantial investment of time and resources to ensure compliance with specific requirements in each country. Businesses, especially those with frequent international travel, can save significant amounts if they effectively manage their VAT.  In partnership with Visa, Taxback International can help businesses and corporations maximise VAT recovery conveniently."

The VAT Recovery Solution offers the following benefits:

  • Reclaim the VAT, cut business costs and improve cash flow
  • Avoid language, time zone and currency issues
  • Free up internal resources
  • Gain full visibility, control and tracking in real-time
  • Avoid having to deal with complex and diverse VAT legislations
  • Receive tax reclaim direct into bank account

Joe Healy, Director of Strategic Partnership at Taxback International said: "We are delighted to have the opportunity to partner with Visa in APAC, providing their issuers with the tools which will allow them to bring valuable savings to their customers confidently and seamlessly. We look forward to building on our existing global relationship and offering additional VAT Solutions to their customers, identifying potential VAT refund opportunities and taking away the hassle of dealing with complex and diverse VAT legislations."

How does Taxback work?  

  • Taxback uses their proprietary software to analyse Visa card spend for eligible transactions for VAT recovery and reports the opportunity to businesses.
  • Taxback audits receipts and invoices which correspond to the transactions identified as eligible by their VAT refund analysis software.
  • Taxback submits the claims on businesses' behalf to tax authorities in the respective countries.
  • Once the claims are collected, Taxback credits the VAT payments to the business' bank account.
  • And, that's not all -- you can track the process all the way via Taxback's website.
  • You can also access and export Taxback's suite of reports with detailed information on all your applications, refunds, payments and documents in the country or currency of your choice.

For more information and to register, please visit: http://www.visa.com.sg/business/taxback/

Note to editors:

About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks -- VisaNet -- that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products.

About Taxback International

Established in 1996 as part of the Taxback Group, Taxback International is an Irish company and a global leader in tax services. Taxback International provides comprehensive, low cost and multilingual VAT services for over 12,000 clients from 107 countries. Taxback International is the only VAT reclaim provider which fully owns and manages the entire VAT recovery process. With 32 wholly-owned offices in 20 countries, Taxback International provides streamlined, end-to-end VAT compliance and VAT recovery services for individuals and companies ranging from SME's to global corporations.

Media Contacts

Sheo S. Rai
Email: sherai@visa.com

Joe Healy
Director, of Strategic Partnership
Email: jhealy@taxbackinternational.com

Source: Visa
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