System and method for recovering refundable taxes
US6546373B1 · kind B1 · utility
Assignee
Inventor
Key dates
| Filing date | Jan 18, 1999 |
| Grant date | Apr 8, 2003 |
| Priority date | — |
| Expiry date | Jan 18, 2019 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/02
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A system for recovering refundable taxes such as value-added taxes (VAT) uses a transaction card, such as a credit or debit or electronic cash card, to record purchases made by a traveler that are subject to VAT in a foreign country. The traveler loads the transaction card with a software application that is able to record the purchases subject to VAT. The traveler uses the card to make purchases in the foreign country, and the card calculates and accumulates the VAT subject to refund. When leaving the foreign country, the traveler inserts the card into a terminal, the software application reads the VAT subject to refund, and the traveler selects whether to receive the refunded VAT in cash in local currency or in the currency of the country in which the traveler resides (“home currency”), as cash value on the card (if a cash or debit card), as a credit on the card (if a credit card), or by check in local or home currency.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.