Corporate lodging platform HRS has announced the introduction of a new, automated VAT Reclaim service.
The new element of its 'lodging-as-a-service' platform can recover up
to 10 per cent of a typical multinational corporation’s hotel budget, says the company.
HRS customers must opt-in to start reclaiming their VAT
and the service is provided at “net no cost” –
HRS' recovery costs are covered via a percentage of successfully
collected funds.
The corporate lodging platform has also introduced a free reclaim calculator on its website, allowing travel and finance leaders to insert their metrics and see an estimate of how much VAT they may be able to reclaim using the new solution.
HRS CEO Tobias Ragge said: “Estimates of unclaimed VAT globally exceed $30 billion annually. Far too many companies don’t even collect a penny. At a time when travel budgets face major scrutiny, this reality is unacceptable.
“This solution holds immense promise, enabling the potential to recover 100 per cent of domestic and foreign lodging VAT.”