The Hidden Potential of GST / VAT Reclaim

hidden potential GST recovery

Analysing how GST/VAT reclaim needs to change to help businesses maximise revenue and improve their spend management

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.