Like in any other industry, businesses in the media and entertainment sector can recover their VAT on their high-cost expenses. Have you got your local return processes covered? Great! But how much time is it draining out of your monthly capacity? Moreso, how much are you recovering? If it’s limited to a few common local supplier invoices, buckle in – your VAT landscape is about to get a whole lot bigger.
The VAT reclaim scope covers a plethora of high-cost local and international business expenses; one only needs the right roadmap and a trusted sidekick, of course. But businesses in the media and entertainment sector are no strangers to the power of a compelling hook to sell a story. Which begs the question, if the VAT reclaim potential is so significant, why are millions of euros still going unclaimed each year?
Unfortunately, despite best intentions, VAT often remains unrecovered due to common internal and external challenges that plague the process. Navigating these challenges is often time-consuming and resource-intensive, leaving organizations settling for sub-par returns (if any).
The challenges exist, but luckily, so do we.
So, how can companies reclaim VAT savings of up to 27% of cross-border and local business expenses in areas like travel, entertainment, and supplier payments? What is the right place to start? Scouting for potential, of course.
Source: vatit.com
