MasterCard offers companies VATrecovery

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MasterCard offers companies VATrecovery

MasterCard has teamed up with T&E recovery expert Meridian to offer companies the means by which to recover VAT in 36 countries.

A total of up to €5 billion (£3.35 billion) is lost in foreign VAT on an annual basis by European companies, according to MasterCard.

The VATrecovery service aims to provide customers with the chance to recover the tax in its entirety by offering three elements; a guide to inform businesses of effective strategy in recovering VAT, an online-visibility system to track progress and an outsourcer in the form of Meridian.

Steve Abrams, global group executive of commercial products at MasterCard Worldwide, remarked that the new VATrecovery service would give companies a "terrific opportunity" to reduce costs.

He also stated: "The fact that over 86 per cent of EU businesses experience difficulty recovering VAT paid outside of their domestic market and forgo up to €5 billion (£3.35 billion) in VAT re-claims every year prompted our development of a unique, automated solution to assist our issuers and their customers."

The MasterCard BusinessCard and MasterCard Corporate MultiCard are two of the business credit cards offered and a business of any size is catered for with a range of benefits available depending on individual circumstances.

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