RECOVER MONEY ON YOUR INTERNATIONAL BUSINESS EXPENSES

Transcription

1 RECOVER MONEY ON YOUR INTERNATIONAL BUSINESS EXPENSES Cut Your Travelling and Imports Cost by Maximizing VAT Reclaims

2 ABOUT INTERNATIONAL VAT RECLAIMS Do you know, Value Added Tax (VAT) paid on a wide variety of foreign business expenses is reclaimable from all European Union Countries, Norway, Japan, South Korea, Canada & Australia? Do you know, lot of foreign suppliers are charging VAT incorrectly on the imports of goods and services? Your company may be entitled to reclaim this VAT, but every year VAT worth billions, remains unclaimed by foreign companies due to the cumbersome procedures. For example; if employees or executives of your company, having a business trip to UK where they incur expenses of 100,000 excluding VAT on hotel, food & local transportation; %20 VAT is incurred on their spending. These charges add up to 20,000 and are completely recoverable from the local Tax Authority VAT Paid On These Expenses Is Completely Recoverable 01 20,000 Vat %20 20% 120,000 Expenses Incurred (including VAT)

3 THE STEP-BY-STEP APPROACH TO VAT RECLAIMS Authorise KRESS COOPER as your exclusive VAT Reclaim Agent: Complete our registration form and terms & conditions Obtain certificate of status from the local Tax Authorities stating that your business is a registered entity in its country of incorporation. KRESS COOPER would appoint a dedicated account manager to work closely with your company to: Assign a client service executive to assist you with the extraction of your eligible invoices by being on-site or via correspondence. Provide a client service executive to assist with extraction of your eligible invoices be it on-site or via correspondence. Advice on an ensure better processes for future invoice compliance and extraction Plan and co-ordinate suitable time lines to submit claims in accordance with deadlines KRESS COOPER would start processing your claims with the local VAT authorities and: Keep you up to date with the status of your claims via regular reporting and correspondence as suitable to your needs. Deposit your refunds straight into your specified accounts in your preferred currency. 02 Return your original invoices ones received back from the Tax Authority.

4 WHAT CAN YOU CLAIM? COUNTRY TAX NAME PERIOD FOR WHICH YOU CAN CLAIM CLAIM SUBMISSION DEADLINE Conferences, Trade Fairs & Exhibitions Training courses/seminars Hotel/Accomodatoin Restaurant meals Entertainment expenses Leased lines/line rental Passenger car rental Petrol Diesel Taxis Public transport (Bus/ Train) & related expenses Professional Fees Marketing & Promotional Costs Information Office Expenses/Printed materials Other services incl. TV and Movie production Tooling Costs Warranty Costs Telephone Australia GST Up to 4 years back Monthly/Quarterly * * * * * * * * * * * * * * * * * * Austria MWST/UST * * * * * * * * Belgium BTW/TVA 30th September CY * * * * X * * * * * * * canada PST GST HST * X * * X * * X X X X * * * * * X * Denmark MOMS 30th September CY X X* X* X* X X * * France TVA X* * * X X * X X * * Germany MWST/UST * * * * * Ireland VAT * * * X X X* X * X X * * Japan CT Must register Must register * * Luxembourg TVA/SWST * * * * Netherlands BTW/TVA Up to 5 years back X * * * Norway MVA * X X X * * * * * * X Swedan MOMS * * * * * Switzerland United Kingdom MWST/TVA/IVA United VAT Jul LY - Jun CY 31st December CY * * * * * * * * * * * * X * * * 03 X No Recoverable Items Reclaimable Items CY (Current Year) LY (Last Year) * Registration Is Required Restrictions Apply (Please Contact Your Relationship Manager) Please note: We process claims from over 40 countries, the above constitutes only an indicative list

5 EXEMPT SECTORS Following sectors generally cannot reclaim VAT but it is subject to some conditions. For more detail, please contact your relationship manager. Banks and other financial institutions Insurance companies Government Bodies Real estate companies Education institutions Investment and equity companies Healthcare Charitable institutions Note: Incase the company has taxable activities aside from the specific nature of their business, they can claim partial refund subject to provision of supporting documentation which clearly shows that other activity taxable. 04

6 OUR SERVICES Evaluating business activities in various countries across Europe, Asia, Australia and North America to identity jurisdictions where VAT recovery is possible for our clients Establishing procedures to collect and track the invoices eligible for VAT refund Reissuing of incorrect or non-original invoices from suppliers or service providers on behalf of client Filling of foreign VAT claims to relevant Tax Authority Identifying incorrectly charged VAT and obtaining a supplier refund Domestic compliance consulting, registrations and returns 05 Why Choose KRESS COOPER We Offer: PROCESSING VAT RECLAIM THROUGH THE LOCAL TAX AUTHORITIES TYPICALLY TAKES 5-6 MONTHS Turnkey solutions for Foreign VAT Recovery from over 40 countries Time tested processes to maximize your VAT claims Ability to coordinate with the Tax Authorities in the local language improves the effectiveness of our services we have a multilingual processing team Continuous correspondence which gives you full transparency on the status of your VAT reclaims We charge fees only on effective reclaims, which means that NO REFUND = NO FEES Tax Registration for domestic compliance in any country in the world *Terms & Conditions Apply

7 HOW KRESS COOPER CAN HELP The following expenses are partially or completely VAT reclaimable from over 40 countries around the world: KRESS COOPER services make it convenient for your company to reclaim all eligible VAT by processing your claims through the local Tax Authorities in all the countries your company is entitled to reclaim VAT. Many years of experience in the VAT recovery industry has ensured that your claims are maximized and processed in the shortest possible time frame. KRESS COOPER can facilitate domestic compliance and registration worldwide and offer a centralized solutions to any domestic tax requirements 06 Reclaimable Expenses Hotel Bills Car Rentals Taxi & Train Receipts Telephone & Mobile Charges Apartment Rental Restaurant Slips Sports Event Attendance Leisure Expense Receipts

8 WE LISTEN WE UNDERSTAND WE DELIVER OUR UK OFFICE KRESS COOPER LIMITED 11a-11b, High Road Wood Green Post Code: N22 6HH London, UK OUR UAE OFFICE KRESS COOPER MANAGEMENT CONSULTANTS Suite 401-E Aspin Tower Sheikh Zayed Road P.O.Box Dubai UAE info@kresscooper.com