- VAT Recovery Opportunity in Saudi Arabia: Since 2022, businesses in Saudi Arabia can reclaim VAT on various Accounts Payable expenses, a significant shift from previous regulations. Despite this opportunity, many companies remain unaware of the potential refunds available, leading to millions in unclaimed VAT each year.
- Identifying Overlooked Refunds: Various industries, including travel, manufacturing, and logistics, often overlook substantial VAT refund opportunities related to business travel, supplier invoices, advertising, and more. For instance, one client successfully reclaimed €23 million, highlighting the financial impact of these recoveries.
- Streamlined VAT Recovery Process by TBI: Taxback International (TBI) offers a technology-driven solution to simplify VAT reclaim in Saudi Arabia, ensuring compliance with the digital e-filing system and maximizing refunds with minimal administrative effort. Businesses are encouraged to act quickly to optimize their VAT recovery strategies and avoid missing out on substantial financial returns.
Source Taxbackinternational
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