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| Citi Commercial Cards and FEXCO VAT Refunds |
| 13th May 2008 |
Citi Commercial Cards and FEXCO VAT Refunds announced their collaboration in providing preferential VAT reclaim services to Citi’s commercial card customers.
The services focus on FEXCO recovering the VAT on business expenses such as hotel accommodation, meals, car rental, conferences and exhibitions, if customers can supply original invoices and support documentation for foreign VAT payments.
VAT reclamation on travel and entertainment expenses has traditionally been very difficult to recover due to the variety of tax regimes operating across the globe. This collaboration allows Citi’s clients to outsource this administrative process to FEXCO VAT Refunds and take advantage of its scale and expertise.
FEXCO VAT Refunds Limited has 16 years experience in the corporate VAT refund market and has issued refunds to over 30,000 companies worldwide. The corporate VAT refund specialist enables companies to easily avail of their entitlement to reclaim the foreign VAT incurred by their employees on business travel costs and assists customers in maximising the recovery of domestic VAT in their local VAT returns.
Citi’s clients will also be able to access FEXCO’s range of travel expense claim management services for companies that wish to outsource the auditing of employee expense claims and the back-office processes associated with expense claim handling.
Chris Mason, Head of Commercial Cards EMEA for Citi, said, “We are delighted to be working with FEXCO, further expanding the opportunities for our clients to improve their T&E expense process. FEXCO are able to offer a consistent service across the globe which provides an opportunity for our clients to realise greater efficiencies in their expense management process.”
Speaking at the announcement, Kathleen O’Connor, Managing Director, FEXCO VAT Refunds Limited, said, “Businesses throughout the world should be aware and take advantage of their foreign VAT reclamation entitlements on employee business travel costs. The services we are providing in conjunction with Citi Commercial Card will allow customers to do so in an easy-to-use way.”
ENDS
For further information, please contact:
Adam Castellani, Corporate Affairs
Citi, Citigroup Centre, Canada Square, Canary Wharf,
London E14 5LB, UNITED KINGDOM
Tel: +44 20 7986 5608
Alison Hennessy, Marketing Services Manager
FEXCO Group, 12, Ely Place, Dublin 2, IRELAND
Tel: +353 1 637 3011
Notes to Editors:
FEXCO
FEXCO VAT Refunds Limited is part of the FEXCO Holdings Group. FEXCO, a provider of outsourced solutions to corporate customers worldwide, is headquartered in Kerry, Ireland with operations in Ireland, the UK, Spain, Scandinavia, Malta, Australia and the USA. The FEXCO Group was established in 1981 by its Executive Chairman, Brian McCarthy, and offers a range of payment, call centre, financial and online services to consumers and businesses. The Group is privately owned with Western Union, the world’s leading money transfer processor, holding a minority shareholding in the business.
CITI
Citi markets and banking is the most complete financial partner to corporations, financial institutions, institutional investors and governments in the world. As a global leader in banking, capital markets, and transaction services, with a presence in many countries dating back more than 100 years, Citi enables clients to achieve their strategic financial objectives by providing them with cutting-edge ideas, best-in-class products and solutions, and unparalleled access to capital and liquidity.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
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