Value Added Tax (VAT)

Equipping AP to Support VAT Compliance

If you conduct business in certain countries, one of the issues your organization faces is value-added tax (VAT) compliance. A value-added tax (VAT) is a type of consumption tax that is based on the “value added” at each stage of production. It is usually implemented as a destination-based tax, where the tax rate is based... Read more »
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Puerto Rico VAT Update: Repealed

Puerto Rico is in a financial crisis. The economy began faltering beginning in the mid-2000s, partly because corporate tax incentives expired in 2006 and businesses began to leave the island. Its scheme of issuing tax-exempt bonds to raise funds and offset declining revenue was highly attractive to investors and worked for a time, but it... Read more »
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Is Your AP Department Ready for Puerto Rico VAT?

Effective April 1, 2016, Puerto Rico has begun applying a 10.5 percent value-added tax (VAT) to a wide range of goods and services—the Impuesto de Valor Añadido (IVA). The legislation, Act 72-2015, also contains corresponding changes to sales and use tax. On June 1, 2016, phase two of the law will take effect, the mechanism... Read more »
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11 Tips for Tackling the Convoluted Value Added Tax (VAT) Process

Two key requirements for recovering value added tax (or VAT) are patience and persistence. And AP needs boatloads of each to navigate the process! Filing claims for VAT refunds can be a cumbersome process. For example: Separate claims must be filed in each country;  Items eligible for reclaim and procedures vary by country; VAT rates... Read more »
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European Union Welcomes VAT Directive 2010/45/EU

In 2008, The European Commission launched an online public consultation to gain insight from EU businesses on the effectiveness of the existing Value Added Tax (VAT). The commission received a significant number of complaints from businesses claiming the VAT legislation’s complexity made invoicing across borders difficult. Critics of the original VAT directive argued that clear... Read more »
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VAT Resources & Rates

Updated August 2016 The table below contains basic information, when available, about VAT standard and reduced rates. The VAT code can be very complex in some countries, however, so it is highly advisable to research the rates in particular countries of interest based on the specific commodities being purchased. Many countries also offer exemptions for... Read more »
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Value Added Tax (VAT)

Value added tax (VAT) represents from 3.6 to 25 percent of the cost of virtually everything in many countries worldwide, including business travel. Business travelers to most European (and a few other) countries can reclaim VAT, getting back considerable dollars spent. If a company is unaware of the opportunity to reclaim VAT or believes filing... Read more »
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Act Now to Reclaim Your VAT Cash

European governments are sitting on billions of dollars worth of foreign organizations’ money. While there are procedures in place to reunite those businesses with their cash, getting the money back is sometimes easier said than done. According to Melissa Brod, vice president and national accounts manager for value-added tax recovery firm Meridian Global Services, each... Read more »
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Reclaiming VAT Payments

Get the most out of reclaiming VAT payments For many countries, the primary method of revenue collection is the value added tax, or VAT. VAT, which is a tax levied on goods and services at each stage of production, can range from 3.6 percent to 25 percent of the final cost of goods produced or... Read more »
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VAT Software Vendors

Updated August 2016 VAT Software Vendors Company Name Mailing Address Phone Number Email Web Address Avalara 1100 2nd Ave., Suite 300 Seattle, WA 98101 (855) 669-5116 info@vatlive.com http://www.vatlive.com/vat-services/vat-determination-software/ Owl Software (Otto Williams Ltd.) P.O. Box 513 Crownsville, MD 21032-0513 (410) 849-3590 owl@owlsoftware.com http://www.owlsoftware.com/gstvat.htm Sovos Compliance 200 Ballardvale Street, 4th Floor Wilmington, MA 01887 (866) 890-3970... Read more »
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