Taxback.com Expansion Into the U.S. Worth Over $27.4M
WASHINGTON and CORK, Ireland, March 16 /PRNewswire/ — Taxback.com, Ireland’s premier tax company, today announced that it is expanding its Value Added Tax (VAT) services into the United States which will be worth over $27.4 million to the company.
The expansion was announced during an Enterprise Ireland-supported Trade and Investment Mission to Washington, DC led by Ireland’s Prime Minister (An Taoiseach), Mr. Brian Cowen. According to Mr. Cowen, “Taxback.com is an excellent example of a successful Irish company which uses innovative approaches to business. Irish companies work hard to deliver products and services that add value, and Taxback.com’s success symbolizes the potential for businesses in Ireland’s smart economy. With a focus on customer-led business solutions they can assist businesses of all sizes to cut their costs and increase competitiveness, and we are delighted with their developments in the U.S.”
Taxback.com is working with U.S. organizations in supporting income tax returns for individuals. To facilitate this support, strategic alliances have been built with leading U.S. providers in the travel and culture space, including organizations such as the Council for International Education Exchange (CIEE), Cultural Homestay International (CHI) and InterExchange. Taxback.com’s VISA First division has also been working with STA Travel, the largest student travel company in the U.S.
Taxback.com intends to work with U.S. organizations to support VAT recovery for travel and entertainment expenses in conjunction with Concur, the leading provider of employee spend management solutions. Taxback.com has been working with Concur in Europe to help European companies better manage VAT recovery. Companies doing business abroad can reclaim foreign value-added taxes on a wide range of expense items. They include: accommodation, meals, fuel and transport, entertainment and other inter-company expenses. However, European Commission research has shown that due to the complexity of foreign VAT recovery, only 50 percent of companies reclaim foreign VAT. Moreover, more than 80 percent of large companies encounter difficulties when claiming VAT refunds.
In today’s climate, businesses need to minimize cost and make the most effective use of resources. Taxback.com aims to provide US-based companies with an enhanced and streamlined solution that will save businesses time and resources, while significantly reducing their foreign travel and expense costs–all with minimum effort.
“Now more than ever, efficient cost-cutting measures are critical to business sustainability,” said Taxback.com Managing Director, Niamh Gunn. “We aim to recover over euro 100 million in foreign VAT over the next 12 months for U.S. companies and make the recovery process more accessible to thousands of businesses across the United States.”
Taxback.com is a global leader in VAT recovery and VAT compliance services dealing with over 6,000 clients worldwide from over 100 countries and processing over euro 500 million each year in tax claims. Taxback.com offers streamlined solutions to organizations ranging from SMEs to Multi-Nationals, manages reclaims from over 41 tax authorities and has over 630 staff. Taxback.com wholly owns its VAT solutions. Unlike other agents there is no outsourcing and VAT processes are managed through their centralized processing centre and their 20 local offices across the globe.
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SOURCE Enterprise Ireland