SHANGHAI, Dec. 19, 2019 /PRNewswire/ -- Launch of a new VAT refund mobile application: IZIVAT. The mobile application allows users to get their VAT refund back from any shop in France. Whether shopping online or offline, travelers will now have their refund back within 24 hours on their Wechat Wallet.
What is IZIVAT solution?
International travelers can now claim their VAT from online and offline shops, and IZIVAT will consolidate the purchases to help meet the minimum 175 Euros threshold required for VAT claims in France. This means no more minimum purchase per store.
Using the mobile application, travelers will only need to take a picture of purchase receipts and invoices (with IZIVAT details). The user will then receive a pre-filled tax refund form that only needs to be printed and validated at an automatic kiosk or by the customs officer when exiting the EU. After IZIVAT receives the picture of the signed form, it will process the payment to the customer within 24 hours on its payment mean of choice. Chinese travelers can be directly refunded on their Wechat wallet.
Tax free shopping abroad always sounds fun until international shoppers realize that they have to take care of all those refund forms they have collected and go through queues without missing the plane. On top of that, they must remember different details for each form: which operator gave it, whether they have collected cash already or provided a card for the refund, and how long they will have to wait in another queue to get cash at the airport.
To assist international travelers in overcoming the difficulties mentioned above, IZIVAT mobile application was created in 2019. The company was launched by 3 French founders, who jointly spent nearly 20 years working in China. Influenced by China's digital revolution and its focus on flawless customer experience, they have joined forces to put the traveler in the center of the tax refund shopping experience. According to the founder and CEO of IZIVAT, "We believe in doing things with respect, honesty and passion with the constant desire to empower and give back." The IZIVAT team combines 30 years of experience in finance, payment, and tax-free shopping. The company is headquartered in Paris, France, but keeps its key operations in China, which represents the largest group of international travelers visiting Europe every year.
In 2017, international tourism expenditures in France were about USD 50 Billion[1]. However, most of this spending is done out of tourist hotspots, where it is rare to find merchants offering a VAT refund. With its solution, IZIVAT also aims to democratize VAT refunds to small merchants who are reluctant to provide this service to international tourists because of the paperwork it involves. By taking over merchants' requirements, IZIVAT plans to increase travelers' eligible refunds.
For more details, please visit: https://www.izivat.com
[1] The World Bank, World Tourism Organization, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files. https://data.worldbank.org/indicator/ST.INT.XPND.CD?locations=FR |
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