Meeting News - August 11, 2008 - (Page 60)

chapter 4 2008 meeting planners handbook Reclaiming VAT for Meetings Value Planning international meetings has become an even greater challenge lately in light of the weak U.S. dollar. But there are several ways planners can boost their buying power and stay on budget, even with the hassle of fluctuating currencies. One such tactic is to reclaim value-added taxes (VAT), sometimes called GST or IVA. However, this too, can be one of the more confusing aspects of overseas planning; rules for VAT reclamation vary greatly from country to country and organization to organization, so it is critical for planners to enlist the help of a VAT reclaim specialist. Here are some important issues to consider: q Start working with a VAT specialist as early as possible—VAT reclamation can help determine a destination’s true affordability. q VAT reclamation can help determine what and how you charge attendees for meetings. q Nonprofits aren’t eligible for VAT reclamation in some countries, but they are in others. q Incentives, corporate meetings, and conventions all have their own possibilities and challenges when it comes to VAT reclamation. q VAT refunds typically take up to a year before they come through. q Depending on the structure of the company, sometimes such refunds don’t go back to the original cost center—so even when the company will eventually see the refund, the meetings budget may not. Is it possible to actually look forward to three all-day, round-the-clock meetings? Yes. Whet Planner’s Checklist u Utilizing a reputable freight company can help eliminate hassles of international shipping. A good place to locate a freight company is the International Exhibition Logistics Association. u Work with your freight forwarder to establish a shipping time frame. Allow enough time for transit, customs clearance, and setup, if applicable. u Note that some materials may cause problems with customs, including hightech items like laser pens. Textiles, food, and even literature can cause delays. u Planners should have clear descriptions of goods being shipped, including value, weight, and dimensions. The most commonly used document is the Commercial Invoice Packing List. her you’re brainstorming the next level in your corporate evolution or planning your next steps on the road to success, Doral Arrowwood offers the amenities, facilities and people to make hard work almost something to look forward to. Our award-winning property is less than an hour from Manhattan, making it the perfect destination for your next meeting. To find out more, go to DoralArrowwood.com or call us toll-free at 1-866-428-9739. 975 Anderson Hill Road • Rye Brook, NY • 10573 60 MeetingNews August 11, 2008 www.meetingnews.com http://DoralArrowwood.com http://DoralArrowwood.com http://www.meetingnews.com

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Meeting News - August 11, 2008

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