To drive down international business costs with automated VAT refunding.
Estimates indicate that, in Europe alone, up to € 5.5 billion per year in refundable VAT on international travel expenses is not reclaimed! In an attempt to address this, and other VAT reclaim challenges, Taxeo developed an electronic VAT invoicing system that automates VAT reclaim on international business travel, so it is quick, easy and accessible to every company. The Taxeo system connects to merchant invoicing systems and captures detailed invoice data at source, issues tax compliant electronic invoices, and applies relevant international VAT rules to detect eligible taxes. It then files claims automatically, and provides forecasts and claim status to clients, all at half the cost of manual processing. Corporate clients, international vendors, and business travellers themselves all feel the time/cost benefit, and no one in the transaction chain has the hassle of keeping or processing paper receipts.
At launch in February 2013, Taxeo had signed 8 corporate clients and 200 affiliate hotels, with 80 operating on the system. Since then, Taxeo has been delivering on its objective of helping companies reclaim more business travel VAT with less effort, and has been growing year on year. Its target is small, medium and large multi-nationals, or nationals with significant cross-border European or US-to-Europe travel, and is particularly beneficial for companies with a high concentration of expenditure across a small number of hotels.