Companies:

 

Articles:

 
Technology

Way2VAT signs three-year deal with Jones Lang LaSalle for access to APAI global compliance platform

Go to Imelda Cotton author's page
By Imelda Cotton - 
Way2VAT ASX W2V Jones Lang LaSalle contract APAI
Copied

Way2VAT (ASX: W2V) has agreed to provide global real estate company Jones Lang LaSalle with access to its end-to-end digital platform for VAT (value-added tax) reclaim activities as part of a new three-year contract.

The deal will include the use of Way2VAT’s automated accounts payable (AP) and travel and entertainment (T&E) VAT claim and recovery solutions, as well as its new APAI compliance platform for all local and foreign invoices.

The platform uses an innovative ‘document-first’ technology to verify the proper submission of AP and domestic VAT and GST expenses to tax authorities on invoices up to four years old across 40 countries and in 20 languages.

Compliance capabilities

Way2VAT founder and chief executive officer Amos Simantov said the contract reflected the capabilities of the new compliance platform.

“We have listened to companies around the world and enhanced this product into software that enables the validation of invoices and the identification of reclaimable, non-compliant and at-risk invoices and data before enterprise resource planning booking,” he said.

“Jones Lang LaSalle will be using our new compliance platform together with our normal VAT reclaim services—we believe this product sets us apart from our competitors and we expect to see adoption of the product grow substantially this year.”

Contract revenue

Way2VAT will base revenue from the contract on each AP and corporate T&E VAT reclaim transaction that Jones Lang LaSalle processes through the APAI platform, plus a payment at standard historic commission charge levels for each AP invoice the platform audits.

Given that revenue is based on transaction volumes, Mr Simantov said it was not possible to provide an accurate initial revenue estimate for the contract.

“Based on the size and global presence of Jones Lang LaSalle, and with reference to previous VAT reclaim activity, we expect this contract will establish the company as a significant client for us in terms of annual revenue,” he said.

Jones Lang LaSalle has more than 300 offices in over 80 countries, with over 100,000 employees and annual revenues surpassing US$20 billion.