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

Share this page

Business Travel Supplier Directory

Text size: A A A


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."

This page is protected by Copyright laws. Do Not Copy. Purchase Reprint

Leave your comment:


blog comments powered by Disqus
Related NewsLog
Corporate payments provider Wex and data and intelligence company Grasp Technologies announced Wex now issues single-use virtual cards for Grasp.... read more »
MasterCard has enabled Android Pay, Google’s mobile wallet, for commercial card use,... read more »
US Bank has named Jeffrey Jones president of corporate payment systems.... read more »
MUFG Union Bank, wholly owned by the Bank of Tokyo-Mitsubishi UFJ, has launched a commercial card program with MasterCard.... read more »
T&E provider Trippeo updated its iOS mobile app with new functions and a new user interface,... read more »
Amadeus now integrates with expense management providers Certify, Chrome River and Expensify,... read more »
Expense management system Databasics now integrates with the Amadeus e-Travel Management booking tool.... read more »
UATP has partnered with corporate payments provider Wex to provide UATP clients a one-time use virtual card solution for hotel and car rental.... read more »
Orlando – Visa and Orbitz for Business launched Visa Travel Manager,... read more »
Orlando – Travel management company Adelman Travel and expense management firm Chrome River each now interface with U.S. Bank,... read more »
Expense management software provider Expensify announced integration with several travel service and booking providers,... read more »