International business at high speed
A top-level international racing team travels around the world to participate in competitions. That's how it is at W Racing Team (WRT), a subsidiary of Weerts Group. The tax aspects of such an international activity are often complex, which is why WRT preferred to call in specialists.
VGD assisted the company in digging out the VAT and invoicing requirements in each country and was responsible for international coordination. For this it called on the colleagues of Nexia, a worldwide network of independent audit, tax, legal and accountancy organizations to which VGD also belongs.
"To get those new services in order in terms of foreign VAT obligations and to comply with the legal framework, we called on VGD."- Kathleen Schurmans, co-CEO at W Racing Team
Things are going fast for Kathleen Schurmans and the W Racing Team. And you can take that literally in this case. The motorsport division of the Weerts Group participates in various international car races and built a new GT4 race car. The company started supplying the various components of this super-fast racing car worldwide from Belgium and sells them to the participating race teams.
Kathleen Schurmans, co-CEO of W Racing Team: "The international transport and sale of these goods are subject to different VAT requirements in each country. To get those new services in order in terms of foreign VAT obligations and to comply with the legal framework, we called on VGD."
VAT obligations outsourced
W Racing Team has races scheduled in the Netherlands, the United Kingdom, Hungary, Germany, Italy and France, among others. By working with a reliable partner to sort out the local legislation, Kathleen is able to fully focus on the racing activities and ensure that WRT wins races and continues to take places of honour. Because that's what motorsport is all about. Winning!
"So it is very convenient and reassuring to be in close contact with the VGD advisors, who explained all the obligations to us during a visit. Through their international network Nexia, they were able to quickly identify the VAT obligations in those countries and list all the legal requirements in a handy document. VGD coordinated the entire project, put the VAT registrations in order and is the financial point of contact for our contacts abroad."
Faithful partner for 15 years
VGD was no stranger to Kathleen. "We have been working together since the beginning of my career, and continued to work together in the various companies I have worked for. Our partnership has lasted for over 15 years! So it made sense to bring them in for this new challenge. The VGD consultant came to us and took charge of the entire project, allowing us to focus all our attention on winning the races."
Also in need of a professional partner to guide you through your company's foreign route? Contact our advisors!