Visa has reached an agreement with Taxback International to streamline the recovery of value-added taxes, which frequently go unclaimed.
Businesses that use the Visa Business Card can recover VAT from spending on travel and entertainment, hotels, restaurants and other areas. But business travelers frequently are unaware they are being charged additional VAT on these items, and these funds are recoverable.
“Claiming VAT refunds requires a substantial investment of time and resources to ensure compliance with specific requirements in each country,” Vikram Kshettry, Visa's head of small business products for the Asia Pacific region, said in a news release.
Recovering VAT will allow businesses to lower expenses and improve cash flow, Visa said, adding improvements in currency conversions, tracking were also possible.
Taxback International, based in Ireland, is a unit of Taxback Group.
