Why VAT Goes Unrecovered: 54% of Eligible VAT Left Unclaimed
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For finance, tax, and compliance teams, the article quantifies the VAT recovery gap and flags heightened post-pandemic audit risk, warranting a review of current recovery processes.
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- SAP Concur BlogWhy VAT Goes Unrecovered: 54% of Eligible VAT Left Unclaimed
A SAP Concur blog post, citing Vanson Bourne research, reports that businesses leave 54% of eligible value added tax (VAT/GST/HST) unclaimed, amounting to millions or billions of dollars. It lists five reasons: businesses do not realize VAT can be recovered, regulations keep shifting, expenses are hard to track and validate, organizations lack time and expertise, and technology and processes are outdated. The pandemic added compliance challenges as governments rapidly changed VAT rules and deferred deadlines, then shifted focus toward audits to recover lost revenue. The article recommends modernizing VAT programs with intelligent technology, optimized data, and automated recovery processes…