Levied by more than 160 countries, Goods and Services Tax (GST) and Value Added Tax (VAT) are the most common forms of taxation in the world. GST / VAT is applied at every step of the manufacturing and supply chain – and collected by organisations on behalf of the government. But in most cases businesses are also entitled to recover GST / VAT charged by suppliers to avoid accumulation. And this quickly adds up. It’s estimated that the global market potential for GST / VAT reclamation alone is $74.9 billion. In that case, why does 54% of eligible GST / VAT go unclaimed by organisations? The answer is simple: complexity.
Finance teams have to contend with complicated regulations that vary from one country to the next and are almost constantly changing. Processes are often intricate and time-consuming, leaving a high margin for error.
This report will explore the financial challenges businesses are currently facing, common roadblocks to GST / VAT recovery and the potential for digitalisation and specifically artificial intelligence to unlock vital cashflow. It can be tempting to assume that tax reclaim is too time-consuming – and risky – to be worth the effort. But these findings suggest that GST / VAT recovery could have a huge impact on the bottom line and help business through these challenging times.
Download this whitepaper to uncover the hidden potential of GST / VAT recovery.