Transcript Cole Trosclair, CHB The Iriwn Brown Company [email protected] What is VAT?  VAT stands for Value Added Tax.  It is a tax on.

Cole Trosclair, CHB
The Iriwn Brown Company
[email protected]
What is VAT?
 VAT stands for Value Added Tax.
 It is a tax on goods and services that is collected at
every step along the production chain, from raw
material to a consumer’s shopping bag.
 Even though it is collected in stages from different
producers, economists generally think the cost of the
tax is passed along to and primarily paid by
consumers, just like a regular retail sales tax would be.
http://economix.blogs.nytimes.com/2010/04/19/value-added-taxes-a-primer/?_php=true&_type=blogs&_r=0
When do you pay VAT?
 Buying goods within the country.
 Most exported goods already have VAT removed.
 Paying for services.
 Only under the reclaim process can VAT for services be
reacpatured.
 VAT exempt purchases
 Antiques or used items are often exempt.
 Some stores will sell VAT free goods to foreigners.
Reclaiming VAT- Eligibility
 What is eligible?
 Personal Goods

Items bought and exported.
 Business Goods & Services
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

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Items bought and exported.
Hotel, transporation,
Marketing & advertising fees, Professional
Services
Training courses, Exhibition / Conference
expenses.
Reclaiming VAT- Process
 What is required for business reclaims?
 Original commercial invoice.
 Proof of tax status.
 There are firms that specialize in this process and will
do claims for multiple countries.
 You can be refunded from 5-25% depending on the
country and type of service.
Cole Bernstein Trosclair
Manager of Business Development
The Irwin Brown Company
212 Chartres Street
New Orleans, LA 70130
(504) 586-0378 x108
(504) 525-8527 (fax)
14116 Customs Blvd, Ste 201A
Gulfport, MS 39503
(228) 863-0320 x102
(228) 863-7352 (fax)
(504) 905-5698 (cell)
[email protected]
www.ibrown.com
5323 W. Hwy 98, Ste 101, Rm 1
Panama City, FL 32401
(850) 358-3601
(888) 819-8583 (fax)