Taxback International combines innovative technology, deep industry expertise and value-added partnerships to deliver comprehensive VAT solutions that maximize VAT reclaim and minimize VAT risks so that companies can focus on growing their business. Established in 1996 as part of The Taxback Group, Taxback International was originally a subsidiary company of an existing business within the Group.
With VAT evolving and expanding rapidly across the globe as new systems rolled out and existing ones adapted to digitalization, Taxback International quickly identified the value that VAT reclaim could bring to businesses of all sizes, from SME’s to global corporations. Addressing this situation, Taxback International was born as a stand-alone company in 2008 and developed an automated technology platform, the first of its kind in the industry.
Based on Taxback International’s 23 years of experience and its detailed knowledge of trends from its extensive client base, the company estimated that the total VAT recoverable from global business travel was more than $61 Billion in 2018, which is projected to grow to $87 Billion by 2022. “Moreover, global business travel expenditure is forecast to reach $1.7 trillion by 2022, and as of now, organizations are only recovering a fraction of what’s owed to them,” says Catherine Quirke, Chief Commercial Officer, Taxback International.
The complex world of International VAT is subjected to continually changing legislation, diverse filing requirements and large financial penalties for non-compliance, making the traditional method of VAT management time-consuming and tedious. Taxback International’s automated, cloud-based VATConnect platform eliminates the burden by providing real-time visibility throughout the process, making recovery and compliance effortless for its clients. VATConnect comprises of three main areas – Integrations, Intelligence and Analytics. Integrations manages the flow of data into the Taxback International environment. The Intelligence platform automatically analyses all transactional data and images that Integrations platform has passed to it. The output of the Intelligence platform is in turn exposed to its customer-and-partner-facing web portal called Analytics.
Analytics enables clients to build their dashboard, where each user can choose to customize the interface to surface the key insights or metrics which are important to them.
The company also focuses on incompliant VAT spend and identifies ways to ensure that invoices are VAT compliant to increase VAT recovery for organizations. The first in the market to implement a ‘Continuous Improvement’ program, Taxback International has successfully maximized VAT recovery for its clients by an average of 50%. Taxback International worked with Electrolux and helped them triple their recovery in one year and increased it 10 fold within three years. Taxback International’s comprehensive global solutions are unique in the market because they provide not only automated VAT recovery solutions, but they have the benefit of 23 years of VAT expertise, which makes it easy for them to provide complete indemnity around their work, making it risk free of clients to sign up with them.
Taxback International also provides VAT compliance, registration & filing solutions though VATComply, and through its sister companies provides global payments and international payroll solutions. “Reacting to client demand from some of the biggest organizations in the world, we have expanded our solution into specialist markets with the introduction of new products such as virtual document storage and archiving, benefit in kind reporting, Sales & Use Tax Recovery for US based Not for Profits and Meals & Entertainment Tax Recovery for US Corporations,” adds Catherine.
The company’s focus on security along with forward-thinking innovation has made it one of the most trusted organizations across the globe to manage VAT processes. Currently trusted by over 12,500 clients globally, Taxback International’s initial challenge was to build a platform which was secure, highly available and able to support a rapid rate of change. Over time, through its dedication to streamline, automate and continually improve the VAT reclaim process through innovation and VAT expertise, the company has managed to transform the VAT reclaim landscape globally.
Moreover, their team of experts provide professional consultancy services to manage any exceptions and offers practical advice for highly specialized and unique global tax challenges. Taxback International has a team of multilingual VAT experts who have significant experience in providing VAT solutions to large global clients in regions including Europe, the USA, China, Japan, South Korea, India, UAE, Mexico and Singapore.
The company has numerous offices throughout Europe and its solution supports every global region and jurisdiction with a VAT mechanism. Taxback International continues to innovate and release new features and functionality to our clients. The company has over 30 offices worldwide and provides VAT/GST recovery in over 170 tax jurisdictions around the world.