Different countries have different tax laws and regulations.
Processing foreign VAT requires due diligence and coordination between various government tax agencies and departments.
As a result, doing your foreign VAT manually can easily result in errors.
This has necessitated the creation of VAT-processing applications that make it easier for you to reclaim your foreign VAT.
Foreign VAT reclaimis made difficult by the complexity of laws involved.
As a result, some are losing on a lot of money they can legally reclaim through VAT recovery.
Technology to the Rescue
Over 70% of the VAT is not reclaimed in the United States and Europe.
However, the complexity of the process is also not an excuse.
There are now applications that coordinate with your company and tax authorities make the process much easier.
There are alsoapplications and online agenciesthat can conduct the entire process for your company.
All you oughta provide authorization to your companys invoices and they will get your foreign VAT reclaim process.
In conclusion
Your company could be losing a lot of money in form of an unclaimed foreign VAT.
The process of recovering foreign VAT is time sensitive yet requires precision in handling the data.
Technological applications ensure that your documents are processed accurately and also in time.
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