Fintech global leader in integrated VAT claim and return solutions, Way2VAT (ASX:W2V) has signed a new deal with Bang & Olufsen for the utilisation of Way2VAT’s VAT/GST claim and return solution across its global network.
Bang & Olufsen will become Way2VAT’s broadest multinational client immediately rolling out the patented artificial intelligence VAT-reclaim software across 40 countries. The deal allows Way2VAT to integrate with Bang & Olufsen’s global expense management system, SAP Concur, which will enable them to fully automate its VAT recovery process.
The term is for one year and will renew automatically at the end of the period.
CEO and Founder, Amos Simantov, said Way2VAT will originate its revenue from Bang & Olufsen for each successful VAT and GST reclaim transaction that it processes via the W2V Platform, which can process a large volume of reclaims without substantially increasing the cost of processing these reclaims. This allows for a low initial commitment and transaction fees, making the technology highly scalable.
This is our broadest enterprise client arrangement to date in terms of product usage and number of markets. To have one of the industry leading sound technology retailers using our solution displays the high calibre of our software and its ability to provide enterprise clients with an efficient and fast VAT reclaim solution that can prevent fraud in the process,” Mr Simantov said.
“With ever-changing tax regulations and rates, Bang & Olufsen was looking for a solution that would support its tax department to manage its VAT process and streamline value added activities to improve margins. Bang & Olufsen examined several international vendors throughout the process and Way2VAT was the only solution to offer a fully optimised VAT recovery process end-to-end and handle the complexity in multi-jurisdiction and multi-language submissions. This ensured international compliance and maximum recovery for Bang & Olufsen. .
“As business travel across most of the world resumes to close-to-previous levels and economies reopen, we are seeing continued strong demand for our solution. The deal with Bang & Olufsen fortifies our position in the market as a leading VAT/GST claim and return solution and expands our reach as economies make a shift to digital taxation models and systems.”
Mr Simantov said the company does not consider that the commercial agreement with Bang & Olufsen will be immediately financially material. However, this agreement does establish a key strategic client for Way2Vat across all its geographic markets.
