Singapore VAT recovery goes high tech

A cloud-based service just announced in Singapore aims to make VAT claim recovery easy for businesses across Asia Pacific.

A partnership between MasterCard and a new automated VAT recovery service, VAT It, will offer businesses cost savings through a seamless service that analyses bank data to allow the recovery of VAT embedded in credit-card transactions.

VAT It says a VAT Cloud system automates the process by connecting an issuing bank’s corporate MasterCard data directly to the tax office, while identifying potential VAT claims. The claims are then transferred back to the business’ bank accounts, with the process traceable.

VAT It charges a fee for successful claims, on a percentage basis. There is no fee if a claim is not successful.

“Foreign transactions, employee travel expenses and their accompanying foreign tax create a significant cost burden for businesses,” says MasterCard Asia/Pacific head of commercial products and and solutions Philip Glickman.

“Whether you’re a start-up, a small medium enterprise or corporate organisation, timely and efficient VAT recovery can help save your business considerable time and money.

“The seamless automated process also provides a fully digital trail, such that you can trace every step of the process in detail.”

“This collaboration will create enormous tax savings for thousands of businesses,” says VAT It CEO Saul Goldstein. “Beyond the cost savings, VAT Cloud provides businesses with peace of mind as the entire process is safe and secure, and they can conveniently check and trace the progress of claims.”

Businesses across the Asia Pacific region can now register for the service either through their issuing bank, MasterCard or VAT It directly. They will be able to use the system to process claims in any of 24 countries.

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