BGI Benchmark’s core VAT function is to identify and recover unclaimed input VAT, usually on a fully contingent basis. In addition to generating cash-flow, a BGI review will provide comfort as regards to VAT compliance. To date, BGI has performed over 35,000 VAT reviews since incorporation in 1983.
BGI’s VAT client base primarily comprises of large multi-national corporations. Almost all are quoted companies. Secondary reviews are also completed by BGI where companies are seeking additional reassurance from VAT specialists as opposed to a generalist AP recovery firm who may offer a VAT recovery overview service as part of an AP review, but lacking the depth and forensic line by line focus of a BGI review. Typically, when BGI carries out such follow-on secondary reviews, additional amounts are nearly always recovered.
BGI’s team is comprised of professional accountants, IT personnel and legal advisors with many years of experience in taxation. We are an international company with national representation. This provides our clients with the benefits of local tax knowledge, on-site availability at virtually any time, as well as a network of tax experts who are better prepared to deal with complex local and international tax issues.
BGI’s proprietary tax recovery process has evolved over many years, requiring minimal staff involvement. Specifically, computerized reviews have enhanced identification of tax recovery opportunities while reducing physical on-site time. BGI’s sales tax reviews result in recoveries virtually 100% of the time, even where the competition has completed a review of the same records.
Data downloads are made quickly and easily with minimal effort, while our full-time senior IT Business Specialists and programmers ensure the secure transfer of data. More importantly, our IT people talk to your IT personnel.
BGI provides an easy to understand and effective report that explains where you have underpaid and overpaid your taxes in a very practical and useful application. A BGI review therefore always has a positive outcome for clients – if the recoveries are modest, clients will have the comfort and reassurance that their systems and processes are robust and effective. If the recoveries are more substantial, not only will they benefit from some windfall income, but perhaps more importantly, they will gain an understanding as to how the errors occurred and what steps are necessary to prevent them from happening in the future. Completed refunds claims, staff training, ongoing support, audit verification and system confirmation are also provided.
Liability reviews are also performed when requested to confirm tax compliance, assist in government audits, and to perform due diligence in corporate mergers and acquisitions. The real benefit of a BGI VAT review is that if we find very little in the way of recoveries, you will have the comfort and reassurance that your systems and processes are robust and effective. On the other hand, if the level of recoveries are more material, not only will you benefit from some windfall income, but the causes of the errors will be identified and corrective action can be taken to ensure that the errors do not continue into the future.
As with BGI’s other services, a BGI VAT review is fully contingent and therefore self funding – no budget is required and generally, no expenses are charged. For clients, BGI’s VAT review will always be a win-win option.