Tax-Free Shopping: nice euromeloch

Hello to all!
Summer is in full swing, some of us have not been on vacation yet, which means we continue to tell you about banking products and services that may come in handy during holidays; or rather, how they “work”. Our today's post is dedicated to the service Tax Free - the return of VAT after making purchases in Europe. It is worth noting that it has a seasonal character: its popularity increases when people rush abroad - during the New Year and Summer Holidays, which, by the way, coincide with the time of seasonal sales. And now is the time. For example, in France, the period of summer sales lasts until the beginning of August, and in Italy - until early September. For many European countries, tourism revenues are a significant source of replenishment of the state budget. So, they are interested in the development of this business. Returning foreign tourists part of the VAT (Tax Free) - one of these ways. And since the value added tax in these countries is 12-25%, the refund amount can be very significant and reach 16% of the value of the item! This is especially true for fans of European shopping - because on vacation it is so nice to update your wardrobe or buy a new gadget! Especially at a bargain price. Especially with the possibility of a subsequent refund of money paid. In order to cash in Tax Free checks quickly and without problems, first of all, you need to provide the payment organization with the necessary set of documents for this (before going there, it would be nice to find out what it includes). We accept checks Premier Tax Free (15 European countries), Tax Free WorldWide (6 European countries) and Detaxe SAS (France). To receive your VAT refund, you will need:

• Tax Free check issued on the company's tax return letterhead, with your signature (or the signature of the owner of the check, if you are his authorized representative) and a stamp of one of the European customs, stamped within three months (for Switzerland and Norway) the day of purchase;
• original purchase receipt / sales receipt from the store;
• passport or other identity document;
• international passport (to control departure from the European Union);
• a notarized power of attorney to receive a refund (if you are the proxy of the owner of the check).

In some cases, for cashing Tax Free checks, additional authorization may be required from the tax refund company. By the way, some companies (and SMP Bank among them) offer online check authorization . It is very convenient. If everything is in order with the documents, you will not have problems getting money. But you know how people are sometimes inattentive and forgetful. Especially on vacation. Therefore, it happens that banks refuse to refund. Why? Now tell. And do not repeat the mistakes of others.

• The refusal of the bank to refund can lead to errors in the check. Most often it is the absence of a stamp of EU customs (or Swiss customs on Tax Free Swiss checks), which indicates that the goods were exported from the territory of the European Union at a certain time.
• Another reason for failure is the lack of a copy for reimbursement. The fact is that in some countries Tax Free check forms are composed of several pages. To get a VAT refund, you must first submit a copy for refund (refund copy or original copy). In the rules of compensation of some countries, a copy of the tourist (tourist copy) is also a prerequisite for VAT refunds. In addition, reimbursement is most likely to be denied in the absence of a sales receipt from the store; if the Tax Free check is on the list of insolvent checks, or the store that issued the check is on the list of stores with which the tax refund company ceased to cooperate.
• In most EU countries that reimburse VAT to non-EU residents, there is a limit on the amount that you can spend to claim VAT refund. Thus, in Austria the minimum purchase amount is 75.01 euros. But quite often European store employees write out Tax Free checks when shopping for amounts less than the established limit (incompetent employees, unfortunately, are everywhere).
• Also, the EU countries set the time for exporting goods from the EU (from 1 to 6 months) and the deadline for receiving VAT refunds on Tax Free checks (from 1 month to 3 years; in some countries this period is unlimited). If these deadlines are not observed, VAT refunds will be refused.
• Another detail. Some European stores that are part of the Tax Free system have a condition: VAT refund is possible only by non-cash transfer to a bank card (with the corresponding marks on the Tax Free check). It will not be possible to receive a cash refund on such a check. Regardless of the currency indicated on the Tax Free check, we pay the refund amount in rubles; if the amount of compensation is in euros, the payment is made at the Bank's rate on the day of the operation. Refunds in currencies other than euros are paid at the rate of the Central Bank of the Russian Federation on the day of the operation.

We wish you a good holiday and pleasant shopping!