SYSTEM AND METHOD FOR RECOVERING REFUNDABLE TAXES
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United States of America Patent
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N/A
Issued Date -
Aug 27, 2015
app pub date -
Jul 3, 2014
filing date -
Feb 21, 2014
priority date (Note) -
Abandoned
status (Latency Note)
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Abstract
A method for processing a payment transaction relating to a purchase and refunding a tax paid on the purchase comprises: receiving data relating to a payment transaction associated with an electronic payment card; storing said data in a payment transaction record in a data store; analysing the payment transaction record to determine whether the payment transaction is eligible for a tax refund; determining a tax refund value relating to the payment transaction; and coordinating between an issuer associated with the 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 by which an overseas cardholder can be provided with a refund of the tax paid on eligible purchases in a manner that is user-friendly and transparent to the cardholder.
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