BCD Travel announced a partnership with French firm Taxeo to offer an automated VAT reclaim system, - Business Travel News

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February 05, 2013 - 11:55 AM ET

BCD Travel announced a partnership with French firm Taxeo to offer an automated VAT reclaim system, which the companies claimed will be the "first" of its kind. According to BCD Travel, value-added tax "is supposed to apply only to national businesses. But VAT is applied at point of sale, and the process non-residents must use to file for a refund is so time-consuming and complicated that a cottage industry has sprung up to help navigate the process." The travel management company added that "40 percent of typical T&E invoices supplied by vendors are noncompliant with VAT reclaim rules." Rather than expend time and resources, "many companies that conduct cross-border travel simply write off huge portions of [VAT]—or the whole thing entirely." BCD Travel said Taxeo addresses the problem by providing travelers an ID number used to settle up with suppliers, which then use that number "to route VAT-required data directly to Taxeo for processing."

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