- VAT recovery in manufacturing can be challenging for many businesses
- Many finance departments and smaller businesses struggle with administrative tasks and lack resources for VAT recovery
- Manufacturers face challenges in recovering local and international VAT on their expenses as their business expands
- Businesses in the manufacturing industry should know which expenses they can reclaim, such as tooling and molding costs, supply and install costs, transportation and logistics, and meetings and events
- The location of expenses is crucial for VAT recovery, and businesses must comply with country-specific VAT legislation and processes
- Each industry has its own unique challenges for VAT recovery, such as a lack of resources, lack of knowledge of eligible expenses, incorrect invoicing instructions, and changes in legislation
- VAT recovery solutions tailored for the manufacturing sector can help businesses mitigate challenges and maximize savings while ensuring compliance.
Source: blog.vatit.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
