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