A deal between Nasdaq-listed technology service provider Concur and Irish firm TBI will make it easier for businesses to reclaim foreign value added tax (VAT) costs.
Concur is one of the world’s leading providers of employee spend management services.
Using high-end data analysis, the VAT recovery solution will inform Concur clients of their unrealised VAT recovery potential and provide a mechanism to recoup costs.
Companies can reclaim foreign value added taxes on a wide range of expenses such as accommodation, meals, fuel and transport, entertainment or other inter-company expenses.
Reclaiming foreign VAT is a complex and daunting process for many companies.
“Due to a lack of awareness and a complex VAT recovery process, companies fail to make reclaims and miss out on what can be substantial refunds,” said Mark Law, director of business development for EMEA at Concur.
“This solution builds on our existing services, makes it easy for companies to reclaim their foreign VAT, cut costs and makes their businesses more competitive,” Law added.
European Commission research has shown that one in every two companies does not reclaim foreign VAT, and 80pc of large companies making VAT reclaims encounter difficulties.
“In these competitive times, cost-cutting measures are critical to business sustainability,” said Niamh Gunn, commercial director at TBI.
“This new alliance with Concur will make our solution available to thousands of businesses, helping them to reduce costs and become more sustainable in the marketplace.”
The VAT reclamation service from TBI provides a simple, straightforward and efficient recovery solution, enabling businesses to significantly reduce their foreign travel and expense costs with a minimum of effort.
“This is a significant development for both companies and clearly demonstrates that a focus on innovative customer-led business solutions, with a strong competitive edge, drives business growth,” the Minister for Foreign Affairs, Micheál Martin TD, said.
“TBI is an example of a successful, leading Irish company that assists businesses of all sizes to cut their costs and increase competitiveness.
“With support from Enterprise Ireland, Irish internationally traded service companies such as TBI continue to win new business and build their global presence, driven by their internationally competitive service offerings.
“Irish companies work hard to deliver innovative products and services, and TBI’s success is an excellent example of Ireland’s smart economy in action. I commend this success.”
By John Kennedy