Partnership with CVM designed to simplify value-added tax refund process for companies with international business travelers
New York June 20, 2005 American Express has partnered with Corporate VAT Management (CVM), a VAT service company, to make the Value-added Tax (VAT) reclaim process more effective and efficient in recovering international business travel tax dollars. CVM uses a data-driven process to help American Express Corporate Card clients quantify their refund opportunity upfront and improve the VAT recovery process.
VAT reclaim is available to American Express's largest corporate clients; typically those clients with more than $1 million in international spend. There is no up-front expense for the client; fees are deducted from a percentage of the actual refund. VAT refunds are typically 2 to 6 percent of a client's international business travel-related spending. For example, a large corporation that incurs $6 million in international spend could save approximately $180,000 of that cost through participating in VAT reclaim.