VAT IT USA Inc, based in Virginia Beach, VA, specializes in identifying, researching and perfecting foreign Tax refund opportunities for their clients. Their core service offering is Value Added Tax (VAT) refunds for foreign corporations transacting in the European Union (EU), Australia, Japan & the Gulf States.
Every time an organizer produces an event in Europe, they are charged Value Added Tax (VAT) on all services. The VAT can be reclaimed, but the process is cumbersome and confusing. It is estimated that between 7-9 billion USD is not recovered every year by US and Canadian companies, and a service is needed to help them with recovery.
Most companies use an Accounts Payable system – Concur, Coupa, Expensify, etc. VAT IT USA links their VAT Cloud platform to the organizer’s AP system and extracts the relevant data for the event. They then take on the heavy lifting of submitting the VAT claim on behalf of the organizer, answer any questions from the VAT authority and once approved, refund the VAT back to the organizer.
In most cases, the VAT amount recovered adds up to between 12-20 percent of the total cost of the program/event. VAT IT USA has a success rate of 86 percent of all submissions – both complex and simple.