Substantial amounts of VAT may have been paid by your company to foreign suppliers through your A/P system or wire transfers.
To help ensure the recovery of applicable VAT paid to these suppliers, please ask your accounting department to print out a quarterly list with the following items included in your A/P data:
- Foreign Supplier’s Name
- Foreign Supplier’s Address
- Foreign Supplier’s Invoice(s) amount(s) and date(s)
This will allow your accounting staff or controller to retrieve applicable foreign invoices, and will consequently allow us to apply on your behalf for applicable VAT refund claims. Original invoices are required for VAT refund claims. VAT is a sales tax used in roughly 150 countries, and standard VAT rates range from 15% to as high as 25%.