Case Studies
Case Study: A Bank Group
The Problem
The X Bank Group is one of the largest financial enterprises in the Nordic region, with hundreds of branches in several international locations. VATit was contracted to help the Group’s head office company, X Bank A/S, recover their foreign VAT. Up until this point, X Bank A/S hadn’t claimed VAT back on foreign expenses for several reasons:
- The Group’s large number of invoices and expense reimbursement files would use up significant resources in order to be processed.
- X Bank’s specific company structure presented challenges for claiming VAT back overseas.
- Many invoices were issued in the name of the travelling X Bank employee rather than in the name of the bank, which meant that they weren’t eligible for VAT reclaim from many European tax administrations.
The Solution
Using a team of trained, specialised, full time service personnel, VATit retrieved invoices at X Bank’s locations in and around Copenhagen, and reviewed thousands of staff members’ expense reimbursement and purchase ledger files. Next, VATit reviewed the Group’s structure to find the best method of submitting claims that would comply with European law. Finally, VATit liaised directly with the bank’s hotel and accommodation providers to acquire new invoices that were issued in the bank’s name rather than in the name of specific employees.
The Results
Through it’s regular dialogue with the tax authorities, investigation of European and region specific VAT laws and case history, as well as liaison with the client, VATit ensured that several claims of considerable valuable which were initially rejected or queried were appealed and successfully refunded to X Bank A/S.