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VAT Reclaim in the pharmaceutical and biotech verticals
Millions of dollars go unclaimed within the pharmaceutical industry.
Although the pharmaceutical industry has experienced exponential growth and expansion over the past two decades, the industry still falls victim to millions of dollars in unclaimed VAT refunds.
Due to the industry’s complex global supply chains and ever changing VAT legislation, it is often difficult and resource intensive for businesses to ensure compliance and execute
successful VAT recovery.
With VAT IT Reclaim as your trusted VAT reclaim partner, we’ll manage your multi national, cross border tax strategy ensuring you save VAT that’s rightfully yours, improve operations and optimize your supply chain.
How can we help inject VAT savings back into your business?
VAT IT is the industry leader in all aspects of VAT recovery for the pharma and biotech industries. We have helped our client’s successfully recover foreign VAT on clinical trials, tooling costs, import VAT, medical conferences, travel & expense costs, events and more.
At present, we partner with over 600 clients in the pharmaceutical industry, including big pharma providers, biotech companies, generics companies, medical device companies, as well as, many related suppliers to the industry. We have a proven track record as the preferred VAT reclaim partner in the pharmaceutical industry having reclaimed more than $53 million in foreign VAT.
Let VAT IT’s network of experts, with specialized VAT knowledge and experience, help you identify, assess, and maximise your VAT recovery
Foreign VAT opportunities
Opportunities for Foreign VAT Reclaim in Pharma:
Clinical Trial Costs:
Clinical trials, a critical stage in Research and Development, involve high-cost materials like medicines and biological materials. Conducting trials globally introduces financial and contractual VAT implications. Import VAT recovery opportunities arise from importing pharmaceutical products for testing, potentially recovering up to 25% of associated VAT costs.
Meetings, events, conferences, conventions
& trade shows
International opportunities, like trade shows and events, drive business growth. VAT on event-related expenses, including registration, transport, and accommodation, can be recovered.
Tooling and Molding Costs:
VAT on tooling and molding is a high recoverable cost within the international VAT scope. It often constitutes a substantial portion of the setup cost for production tools and machinery. VAT on tooling parts’ purchase may be eligible for recovery, reducing tooling and molding costs by approximately 25%.
Travel and Entertainment Recovery
Many multinational pharma companies underutilize VAT recovery, particularly in Travel and Entertainment spend. Business-related expenses for travel, whether domestic or foreign, can be reclaimed. This includes hotels, fuel, car rental, entertainment, and transport.
We do it best.
Free yourself.
VAT IT has spent the last two decades identifying, researching and perfecting VAT refund opportunities. By letting us do what we do best – tracking down and recovering the VAT you are owed – you can devote your time and resources to running and growing your business.
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