Way2VAT lists on ASX

THE $7 million initial public ASX listing of travel and expense tax claim platform Way2VAT last week was heavily oversubscribed, with the company boasting “highly scalable technology with over 80% gross profit margins”.

Way2VAT allows companies to automatically reclaim GST and value added taxes on business traveller expense claims, using patented artificial intelligence connected to existing expense management systems via an API.

The system analyses any VAT or GST which is recoverable, then automates the reclaim process and submits it to relevant tax authorities.

Way2VAT enables the reclaim of these taxes without labourintensive manual processes.

The company currently services more than 150 major clients, many based in Europe and the US, including MasterCard, Hitachi, Footlocker and the Boston Red Sox baseball team.

An SME product which launched late last year also allows indirect sales of the technology through partners such as Xero and Sage.

Founder and CEO, Amos Simantov, said the company was playing a leading role in the global shift to digital taxation systems, “and will support and streamline many of the antiquated systems that still exist for VAT collection”.

He said by linking to existing expense management platforms “any invoice can be processed, no matter how small,” with Way2VAT claiming to provide businesses with up to 30% more in reclaimed taxes than rival systems.

It’s estimated that up to US$20 billion in foreign VAT is left unclaimed each year due to labour-intensive processes where applying for a refund outweighs the value of the refunds itself.