A property development and investment group specialising in large-scale commercial real estate projects, including shopping malls, hotels, and convention centres. The group is also actively involved in joint ventures with institutional partners & private equity investment firms.
With complex project structures and multiple high-value developments over the past five years, the group sought a specialist VAT partner to conduct a comprehensive historical review of its VAT processing.
We identified a major error in the processing of numerous large third-party construction contracts. While VAT had been correctly recorded in the financial accounts, it had not been reflected in the VAT returns submitted to the tax authority. This resulted in substantial amounts of unclaimed input VAT. Through the identification and correction of these and other missed claims, the group recovered over R90 million (approximately €4.3 million/ £3.7 million) in VAT. The project also delivered the following benefits:
