The market-leading financial services company, Discovery, has partnered with VAT reclaim leader VAT IT to offer South African businesses insured with Discovery, a range of VAT reclaim solutions.
Innovation is at the heart of both these companies, with Discovery having developed the Business Health Check, a business diagnostic tool that provides businesses with detailed insights into their business health and VAT IT introducing its industry-leading technology, VAT Cloud. All Discovery Business Insurance clients will now have access to the Business Health Check, providing them insights and highlighting key areas of development within their business. They will also have access to VAT IT’s cutting edge app VAT Cloud, a fully automated retrieval system that seamlessly integrates with a company’s expense management system.
Discovery Business Insurance and VAT IT have a common goal to help companies grow through efficiency. The partnership is a first in South Africa, benefiting Discovery Business Insurance clients who incur foreign VAT. Foreign & Domestic VAT refunds help add cashback to a company’s bottom line that would otherwise go unclaimed and be lost forever.
“We are delighted to offer our services to Discovery Business Insurance clients who will benefit from our expertise in Foreign and Domestic VAT as well as Withholding Tax, seeing their companies grows thanks to savings through VAT reclaim.” Carl de Lange – VAT IT South Africa Branch Director.
South African VAT IT clients will also have the opportunity to explore the benefits of the Discovery Business Insurance offering and the advantages of signing up with them.
“We are excited about our partnership with VAT IT as their offering is in line with our shared value insurance model. Our clients will benefit from being able to reclaim VAT, providing them with additional cash they can use to improve their business operations and thereby become better businesses to the benefit of society as a whole, as these businesses contribute to employment and economic growth in the country.” Anton Ossip, CEO of Discovery Insure.
About Discovery Business Insurance
Discovery was founded in 1992 with the purpose of making people healthier and enhancing and protecting their lives. This has evolved into a sophisticated shared-value business model that operates in the healthcare, life insurance, investments, banking, short-term insurance and wellness markets.
Discovery launched Discovery Business Insurance in May 2018, with the vision of building better businesses. They provide comprehensive, yet flexible, insurance cover that is tailored to each business and considers the risks businesses face in a modern, fast-paced world. Their business insurance is driven by technology such as the Business Health Check, a diagnostic tool, which helps companies understand their key risks and provides them with recommendations to improve their business risks.
About VAT IT
VAT IT is a global leader in cross-border VAT and tax recovery. The company maximises your VAT recovery end to end through our industry-leading technology while ensuring full compliance. VAT IT was established over 20 years ago and is the largest VAT recovery firm in the world. The VAT IT Group has over 40 offices throughout Europe, America, Asia, Middle East, Africa and Australia and we service over 15,000 clients including the likes of Microsoft, Volvo, Ericsson and De Beers to name a few.
Discovery Insure Ltd is an authorised financial services provider. Registration number 2009/011882/06. Product rules, terms and conditions apply.