VAT recovery with financing works almost the same way as recovery under standard conditions – VAT recovery applications will be submitted either quarterly or annually when the minimum sum conditions are met.
With a separate agreement with Port1 it is possible to finance future receivables. This means that a client does not have to wait for the decision by the foreign tax-authority and client gets the money right away. After the VAT recovery application has been submitted, Port1 and client will sign an agreement, based on which Port1 will issue credit note in the sum of the receivable VAT refund amount to the client. Benefit with the financing is that the client gets the money right away and does not need to wait several months
NB! In every country, one company can only have one VAT recovery agent! When joining the system in any country then it’s not permitted to authorize any other entities for VAT recovery nor apply itself for VAT recovery.
Fee: Agreed separately on every application (depends on the country and number of invoices in the application).
Time until VAT is refunded: Clients gets the VAT sum back right after the application has been issued to foreign tax-authority.
Issuing the invoice: After the application has been issued.
Kristi – 6799 518, email@example.com
Katri – on maternity leave
Pille – 6799 506, firstname.lastname@example.org