Catherine Quirke, CEO, Taxback InternationalCatherine Quirke, CEO
One of the major challenge’s international businesses and e-commerce companies face is ensuring VAT (Value Added Tax) compliance across multiple jurisdictions. Many companies are facing real challenges navigating the constantly changing landscape of VAT compliance digitalization. At the same time businesses are abandoning billions of dollars in unclaimed VAT annually as they struggle to efficiently manage their reclaim workflows. All agree that the VAT processes are time-consuming and complicated, prompting many companies to take a hard pass. However, by partnering with an experienced financial services company specializing in VAT, companies can easily navigate the complexities of their obligations. Helping companies meet this need is Taxback International, a leading technology and services company specializing in VAT compliance and VAT reclaim. The firm has built bespoke technology combined with extensive VAT knowledge to offer best-in-class solutions to businesses of all sizes. With their innovative technology to automate the processes associated with VAT compliance and reclaims, the company frees up internal resources and gains peace of mind that they are fully compliant in all aspects of their VAT obligations globally.

“Taxback International comes with 25 years of experience in VAT management, and its technology can handle the compliance requirements of all countries where VAT obligations exist,” mentions Catherine Quirke, CEO of the company.

Taxback International provides complete control and visibility into global VAT compliance through its innovative platform called Comply. The platform allows companies to file their Returns and supporting documents associated with VAT or GST within the filing deadlines. With Comply, filing VAT returns is an easy and seamless process as it automates the preparation and submissions, removing complex manual and often non-compliant reporting. As the platform features in-built and regulated cross-border payments capability, companies can manage their VAT compliance on a single platform. Companies can use the platform to view the filing requirements for several jurisdictions and complete the audit trail of transactions that flow through the system. As all the files are stored in one secure location, employees no longer need to send emails back and forth between accountancy firms, local providers, or shared service centers.

One of the key takeaways of Comply is that it eliminates the traditional role played by local VAT service providers and large accounting firms in filing VAT reclaims across multiple jurisdictions. As a result, companies can regain control and visibility into their compliance-related matters by storing and managing the files in the platform. In addition, as the process is automated end-to-end, companies can eliminate the risks associated with late filings, which leads to massive penalties and fines from the tax offices. Taxback International keeps up to date with VAT compliance in all jurisdictions and helps its clients follow the proper tax practices. More importantly, as the platform future proofs tax compliance, companies can quickly adapt to changing tax policies.

In addition to its compliance platform, the company also provides an automated cloud-based platform which simplifies the entire VAT recovery process.

Taxback International has over 25 years of global VAT experience and its technology can handle the most complex compliance requirements in all countries where VAT obligations exist

Using VATConnect, businesses can reclaimVAT on corporate travel, accounts payable, and intercompany invoices easily and completely risk-free.

“With VATConnect, we can reclaim any amount of VAT or GST in any jurisdiction in the world,” mentions Catherine. Taxback International also integrates the platform with leading expense management systems and ERPs to automatically capture data and images in real-time. The full suite of Taxback International’s services, including Comply, can be easily integrated and implemented to suit any business.

Globally trading clients dealing with multiple filings across multiple jurisdictions can naturally become frustrated with a lack of visibility over their transactions. It’s an organizational nightmare for any business. However, increasingly these large businesses are taking advantage of the end-to-end digitalizedVAT management workflow offered by Taxback International.

In one such example, a large global food manufacturer approached Taxback International initially for their automated VAT reclaim platform. At the time, the business had been running a manual process by leveraging a big team to submit the applications and check compliance. However, the business couldn’t reclaim anything significant. Once Taxback International automated the entire process the client’s recovery amounts increased tenfold.

The same client then implemented the Comply platform as they were outsourcing the tasks related to VAT compliance to various service providers. Initially, Taxback International oversaw several complex jurisdictions the client was concerned about. But in just five months, the client successfully removed all of their error-prone manual reporting. With the newfound visibility and control of VAT compliance, the client decided to implement Comply across all its global jurisdictions.

Such success stories stem from the platform’s capabilities to streamline and automate the VAT workflows. Moving ahead, Taxback International are in the process of an international business expansion, helping more companies benefit from its unique capabilities and technological prowess.

“With the digitalization of global tax processes, technology solutions such as Comply will become integral for businesses. Eventually, it won’t be an option for them not to automate. Our platforms continually adapt as the VAT landscape changes so businesses can be guaranteed that they remain 100% compliant throughout the continual digitalization evolution”.