Standard VAT recovery works so that Port1 will submit VAT recovery applications for Clients invoices either quarterly, semi-annually, three-quarterly or annually.
Quarterly recovery is possible when VAT amount in one quarter meets the minimums of the given country which usually are 400 EUR (annual recovery minimum is usually 50 EUR). EU country tax authority then will process the application, depending of the country it takes 1-5 months. After processing and decision making, money will be transferred to Port1 or clients account. If money has transferred to clients account then client must inform Port1 about it. After money has reached Port1, then credit note with the VAT recovery amount will be issued to the client and money will be transferred to client or netted with the other invoices.
Fee: 2% of refunded amount, but not less than 10 EUR.
Time until VAT is refunded: After submitting the application it takes tax authorities 1-5 months to process the documents.
Issuing the invoice: After the application has been issued.
Kristi – 6799 518, firstname.lastname@example.org
Katri – on maternity leave
Pille – 6799 506, email@example.com