If you had a rebate coming to you, would you claim it? Most likely, right? In today’s economy, we need all the cash that we can get. Yet, may organizations leave thousands of dollars (and other currencies) unclaimed. How? Organizations fail to reclaim Value Added Taxes. Learn from an expert, Mark Houtzager, how to reclaim the Value Added Taxes for your organization.
Mark and I worked side-by-side to help our clients uncover Value Added Tax opportunities at PricewaterhouseCoopers. Specifically, I remember the unfortunate situations when our clients had lost thousands of dollars on expired Value Added Taxes. Thank you to Mark for writing this guest blog on Value Added Taxes for T&E Plus.
Following content is by Mark Houtzager, US-VAT
Value-Added Tax (“VAT”) is a broad-based sales tax that is levied in almost every country outside the U.S. - it also goes by the name of Goods and Services Tax (“GST”). It is not for the squeamish – typical rates are around 20% (in the UK, for example), and anyone who is responsible for overseas supplier management should understand what the impact of VAT can be on their bottom line.
VAT is charged on pretty much every supply – be it goods or services. The VAT rules in the 27 member states of European Union are centrally regulated – they are all based on a European Directive. This Directive has been simplified over the past couple of years, and with some exceptions all services that are provided to non-resident businesses are now free of local VAT.
The exceptions, unfortunately, include catering and lodging, as well as various local expenses, such as transportation and admission fees. These services will continue to attract local VAT in the country where they are provided.
The good news is that a number of countries provide the opportunity to obtain a refund of these VAT charges. There are many boutique firms that can help you with these filings – I work with Corporate VAT Management (www.autovat.com), because they apply a smart process to analyze the credit-card or p-card data. With many small charges for many individual travelers it is easy to overlook refund opportunities, and this data analysis ensures that every charge that appears on the credit card is included in the refund request.
Even though there is still a need for dealing with VAT, the new European VAT rules have significantly simplified the tax position for event organizers and attendees. Filing and compliance requirements have been minimized, and the number of services that attract VAT has been decimated.
Visit Debi at one of her upcoming speaking engagements:
Topics vary per conference
Some sessions include components of SMM Bootcamp© and/or SMM Challenge©
March 17 – MPI SCC Educational Tradeshow and Conference
March 18 – EMC Venue’s Annual Buyer Supplier Summit – SMM Bootcamp©
March 31 – ISM’s Conference on Managing in Times of Uncertainty
April 10-12 – ACTE Global Education Conference
May 20 – MPI Orange County’s 6th Annual Education Conference and Expo
May 25 – Financial and Insurance Meeting Planners Conference
June 30 – EMC Venue’s MEET
August 2 – Georgia BTA
Sept 7 – HSMAI Affordable Meetings
December 1 – EMC Venue’s MEET
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Debi Scholar, GLP, CMM, CMP, CTE, CTT, Six Sigma Green Belt
- Meetings Management Mover and Shaker as selected by Corporate and Incentive Travel Magazine (2010)
- Top 20 Changemaker who influenced the meetings management industry by Corporate Meetings and Incentives (2008)
- Best Meeting Practitioner as selected by Business Travel News (2007)
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Debi has the following designations:
- Wharton Aresty Executive Education/National Business Travel Association (NBTA) Global Leadership Professional (GLP)
- Meeting Professionals International Certificate in Meetings Management (CMM)
- Convention Industry Council Certified Meeting Professional (CMP)
- NBTA Corporate Travel Expert (CTE)
- Six Sigma Green Belt
- Chauncey Certified Technical Trainer (CTT)