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System and method for recovering refundable taxes

A tax and tax rebate technology, applied in the field of electronic transactions, can solve the problems of reducing purchase rate and reducing effectiveness

Inactive Publication Date: 2017-03-22
MASTERCARD INT INC
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

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Problems solved by technology

[0006] As will be appreciated from the discussion above, the process is generally manual and requires involvement between the retailer and the customer to fill out the paperwork, which reduces the effectiveness of the process, reduces purchase rates, and may ultimately inhibit Overseas visitors spend on big-ticket items in their home country

Method used

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  • System and method for recovering refundable taxes
  • System and method for recovering refundable taxes
  • System and method for recovering refundable taxes

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Embodiment Construction

[0031] The process will be described in the context of the VAT system currently operating in the UK, although the skilled person will appreciate that the invention is also applicable to other 'sales tax' schemes in other countries. Henceforth, unless stated otherwise, references to terms such as 'VAT', 'tax', etc. shall be deemed to be a sales tax on goods and services.

[0032] figure 1 A block diagram is shown of a system supporting a financial transaction between a cardholder 2 and a merchant 4, which also involves a merchant acquirer bank (or more simply 'acquirer' 6), a transaction processor 8 and an issuing bank ( or more simply 'issuer'10). figure 1 Also shown are the participating entities in the process, through which the cardholder 2 can be reimbursed for tax (in this case VAT) paid on the transaction amount. Generally, these participating entities are the transaction processor 8 and the tax authority 12 . In the UK context, the services of the transaction process...

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Abstract

A method for processing a payment transaction relating to a purchase and refunding a tax paid on the purchase, the method comprising (i) receiving, over a network from a merchant apparatus, payment transaction data relating to a payment transaction associated with an electronic payment card, (ii) analysing the payment transaction data to determine whether the payment transaction is eligible for a tax refund; (iii) determining a tax refund value relating to the payment transaction; and (iv) coordinating between an issuer associated with the electronic payment card and a tax authority in order to credit an account associated with the electronic payment card with the tax refund value. The invention thereby provides a scheme or process by which an 'overseas' card holder can be provided with a refund of the tax paid on eligible purchases in a manner that is user-friendly and that has until now been performed in a largely paper-based transaction environment. Also provided is a system in which the method may be implemented.

Description

technical field [0001] The present invention relates generally to electronic transactions performed within the context of financial authorization, clearing and settlement systems. More specifically, the present invention relates to methods for handling the recovery of refundable taxes that have been collected during such electronic transactions of payment for goods and services. Background technique [0002] A common feature of the retail industry worldwide is the imposition of a sales tax or value added tax (known as VAT) on the purchase of various goods and services. These taxes are imposed for a variety of reasons, such as discouraging or promoting spending on particular categories of goods, and serve as an important source of revenue for the respective governments. For example, the UK (United Kingdom) imposes a 20% 'Value Added Tax' (VAT) on the purchase of many types of purchased goods and services. Often, these taxes are variable in order to achieve specific economic...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q20/20
CPCG06Q20/207G06Q50/26G06Q20/10G06Q20/20G06Q30/0234G06Q30/06G06Q20/26G06Q20/4014G06Q40/02
Inventor 赖安·卢克约翰·阿利亚洛罗维克多·诺登森
Owner MASTERCARD INT INC
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