RECLAIMING VAT. Cole Trosclair, CHB The Iriwn Brown Company firstname.lastname@example.org. What is VAT?. VAT stands for Value Added Tax . It is a tax on goods and services that is collected at every step along the production chain, from raw material to a consumer’s shopping bag.
Cole Trosclair, CHB The Iriwn Brown Company email@example.com
What is VAT? VAT stands for Value Added Tax. It is a tax on goods and services that is collected at every step along the production chain, from raw material to a consumer’s shopping bag. Even though it is collected in stages from different producers, economists generally think the cost of the tax is passed along to and primarily paid by consumers, just like a regular retail sales tax would be. http://economix.blogs.nytimes.com/2010/04/19/value-added-taxes-a-primer/?_php=true&_type=blogs&_r=0
When do you pay VAT? Buying goods within the country. Most exported goods already have VAT removed. Paying for services. Only under the reclaim process can VAT for services be reacpatured. VAT exempt purchases Antiques or used items are often exempt. Some stores will sell VAT free goods to foreigners.
Reclaiming VAT- Eligibility What is eligible? Personal Goods Items bought and exported. Business Goods & Services Items bought and exported. Hotel, transporation, Marketing & advertising fees, Professional Services Training courses, Exhibition / Conference expenses.
Reclaiming VAT- Process What is required for business reclaims? Original commercial invoice. Proof of tax status. There are firms that specialize in this process and will do claims for multiple countries. You can be refunded from 5-25% depending on the country and type of service.
Cole Bernstein Trosclair Manager of Business Development The Irwin Brown Company 212 Chartres Street 14116 Customs Blvd, Ste 201A 5323 W. Hwy 98, Ste 101, Rm 1 New Orleans, LA 70130 Gulfport, MS 39503 Panama City, FL 32401 (504) 586-0378 x108 (228) 863-0320 x102 (850) 358-3601 (504) 525-8527 (fax) (228) 863-7352 (fax) (888) 819-8583 (fax) (504) 905-5698 (cell) firstname.lastname@example.org www.ibrown.com