Concur Technologies, Inc. (
), a leading provider of integrated travel and expense management
solutions, entered into an agreement with Universal VAT Services
(UVS) to facilitate value added tax (VAT) refunds for
international travel. The partnership called the 'UVS VAT
CONNECT' will specifically enable Concur customers to identify
and reclaim VAT paid on business travel expenses.
Universal VAT Services is a global leader in VAT reclaims
services with a dedicated team of financial experts constantly
working for maximizing VAT recovery within the scope of law.
Concur's client base include companies that require its employees
to have a huge number of business trips each year. In many
countries, VAT paid on such business travel expenditures is
refundable. The 'UVS VAT CONNECT' system will determine the tax
paid on expenses during a foreign travel to help reclaim any
With this added service, Concur is expected to attract more
customers and thereby entail significant cost saving for its
client companies. The foreign travel expenses, which usually cost
very high, are prime sources of untapped VAT reclaim
In Jun 2011, Concur acquired the London-based end-to-end
expense management solutions provider GlobalExpense for £12
million ($19.7 million). With this acquisition, the company could
capture the travel and expense management market in Europe.
Furthermore, GlobalExpense's strengths in receipt validation, VAT
and income tax compliance, and wide knowledge of the UK tax
legislation also supported Concur's extended service
The current partnership with Universal VAT Services is another
significant step in that direction, whereby its global presence
with up-to-date information on VAT regulation of various
countries will be critical for the cost-saving initiatives of all
the Concur's clients, irrespective of their nationality and
Concur currently holds a Zacks Rank #3 (Hold). Other players
in the industry include
), each having a Zacks Rank #2 (Buy), while
Netsol Tech Inc (
retains a Zacks Rank #1 (Strong Buy).
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