---
id: "65f9b44a-f048-49c1-8f54-42b840651d20"
title: "Unlocking a US$239bn Market with AI-Powered Tax Tech"
report_type: "foundation"
published_date: "2026-08-26"
source: "Homodeus Research"
source_url: "https://homodeus.one"
report_url: "https://homodeus.one/research/report/way-2-vat-w2v-ax-unlocking-a-us-239bn-market-with-ai-powered-tax-tech-foundation-research"
lead_analyst: "Anthony  Han"
lead_analyst_email: "anthony.han@homodeus.one"
access: "full"
requires_payment: false
issuer_paid: true
html_access: "free-registration"
html_registration_required: true
analysts: "Anthony  Han, Wei Sim"
company: "Way 2 Vat Ltd"
ticker: "W2V.AX"
exchange: "ASX"
gics_sector: "Information Technology"
country: "Australia"
country_of_listing: "Australia"
theme: "Information Technology"
currency: "AUD"
price_at_report: 0.047
publication_date: "2026-08-26"
price_date: "2026-08-25"
market_cap_m: 14.4
shares_on_issue: 261027883
week_52_high: 0.15
week_52_low: 0.044
avg_daily_volume: 190802
commissioned_by: "Way 2 Vat Ltd"
isin: "IL0011795064"
markdown_url: "https://homodeus.one/api/reports/way-2-vat-w2v-ax-unlocking-a-us-239bn-market-with-ai-powered-tax-tech-foundation-research.md"
bot_friendly: true
keywords: "Information Technology, artificial intelligence"
modified_date: "2026-10-10T12:46:49.162Z"
---

# Unlocking a US$239bn Market with AI-Powered Tax Tech

## Stock Information

| Metric | Value |
| --- | --- |
| Ticker | W2V.AX (ASX) |
| Price at Report | AUD 0.047 (2026-08-25) |
| Market Cap | AUD 14.4M |
| Shares on Issue | 261,027,883 |
| 52-Week High | AUD 0.15 |
| 52-Week Low | AUD 0.044 |
| Avg Daily Volume | 190,802 |
| GICS Sector | Information Technology |
| Country of Listing | Australia |

**Way 2 Vat Ltd (W2V.AX) gives an enterprise a one-stop shop for indirect tax management,** combining automated VAT/GST recovery, a real-time invoice compliance system via their Accounts Payable AI (APAI) offering, e-invoicing and strategic indirect tax advisory.

## Key Highlights

- Way 2 Vat Ltd (W2V.AX) is a one-stop shop for indirect tax management for companies. They serve over 560 global enterprise clients and are growing. W2V serves major brands like TikTok, BASF, JLL, Henkel, and Trafigura. W2V's software is protected by seven patents covering AI, optical character recognition (OCR), and natural language processing.
**Strategic Drivers & Future Catalysts:**
- Strategic Shift Beyond Reclaim: Way2VAT is expanding from a single-product, VAT reclaim platform into an integrated service platform, "The Four Pillars Strategy" targeting a combined US$239bn addressable market.
- More predictable revenue streams are becoming a proportionately larger part of total revenue, up from a low-single-digit percentage 18 months ago to close to 40% according to management.
- Way2Invoice launch: Launched in mid-2026, Way2Invoice gives them timely exposure to the introduction of government e-invoicing mandates across Europe and APAC.
- ![](https://homodeus.one/api/draft-image/e22959df-d82a-4555-91ce-9ac4c6115d48)

# Taxtech to Fintech: Unlocking a US$239bn Market with AI-Powered Tax Tech

** Way2VAT is creating an integrated, comprehensive VAT tax reclaim and invoicing solution, from automating incoming and outgoing invoice compliance checking to dealing with the complexities of VAT and GST reclaim. With an AI engine at its core, their technology integrates into a company’s business systems to deliver efficiency and accuracy.**
![](https://homodeus.one/api/draft-image/cef97236-0cc2-49e9-ac5e-d2a4085ece69)
They believe they are the **only provider** offering complete indirect tax management under one roof: “*patented AI automation for VAT recovery, real-time APAI compliance validation, and expert VAT consultancy through RBC VAT. This integration eliminates the need for multiple vendors while ensuring maximum recovery, zero compliance gaps, and strategic guidance*.”

**The core business, originally focused on cross-border VAT reclaim, has evolved into their Four Pillars Growth Strategy **built on a unified SaaS platform designed to capture different stages of cross-border and domestic tax processing, compliance, and e-invoicing:

**1. Global VAT Reclaim**

·         **Focus:** Automated identification, processing, and recovery of foreign and domestic VAT/GST expenses across 40+ jurisdictions.

·         **Commercial Model:** Success-based transaction fees, charging a percentage on all recovered VAT/GST claims.

**2. APAI Real-Time Invoice Validation**

·         **Focus**: Proprietary AI/machine learning engine that validates invoices in real time to ensure tax compliance, prevent fraud, and ensure expense data accuracy prior to filing.

·         **Commercial Model:** Offered both as a standalone integration (e.g., via enterprise marketplaces like Coupa) and embedded directly into Way2VAT’s broader product ecosystem; it is a high-margin, recurring SaaS subscription model charged per invoice, per entity, and per jurisdiction.

**3. VAT Compliance & Advisory Services**

·         **Focus:** Enterprise consultancy and regulatory compliance services to help large multi-entity organisations navigate local tax structures.

·         **Commercial Model:** Scale will be achieved via strategic acquisitions (such as UK-based RBC VAT and Spanish entity DevoluIVA), and then transitioning traditional advisory clients onto Way2VAT’s more automated offerings.

**4. Way2Invoice (E-Invoicing & Compliance)**
- Focus: Automates inbound and outbound e-invoicing workflows. There is connectivity across international digital networks (e.g., Peppol) allowing companies to achieve compliance with e-invoicing mandates across multiple countries.
- Commercial Model: High-margin, recurring SaaS subscription model charged per invoice, per entity, and per jurisdiction.

**Importantly, the four pillars are not silos and bring significant cross-sell opportunities to bear.**

# About Way2VAT:

**Way2VAT Limited (ASX: W2V)** has evolved into a global fintech company that provides automated VAT/GST reclaim and accounts payable (AP) invoice compliance solutions. Founded in 2016 and headquartered in Tel Aviv, Israel, the company listed on the Australian Securities Exchange (ASX) in September 2021.

**Global Footprint:** W2V has operations across 40+ countries with multi-lingual support in 20+ languages and regional offices in the UK, Spain, and Romania.

## The Evolution: From a Single Product to a Balanced Offer.

Way2VAT has moved on from providing a single AI-based service to now providing must-have services embedded into a company’s technology infrastructure.
![](https://homodeus.one/api/draft-image/13008a1d-4f34-4e8e-be2b-a5a4cf147e9a)

## The Past:

What has held the company back is not an inability to sell its service—Way2VAT has a blue-chip client base. Rather, it is the timing of cash collection. The counterparty in international VAT reclaim is effectively the foreign government tax authority, making credit loss or default risk de minimis. The problem is that these authorities can take 6–18 months, and sometimes longer, to process and disburse VAT refunds, often according to unpredictable schedules. Under accounting standards, Way2VAT recognises revenue when a refund claim is submitted, but cash is only collected when the relevant tax authority releases the funds. As enterprise adoption increases and claim volumes grow, this creates a significant timing mismatch: **receivables—and therefore reported working capital requirements—can build rapidly on the balance sheet well before the corresponding cash reaches the bank.**

![](https://homodeus.one/api/draft-image/3137396a-6b10-47e8-9aa0-3d63db65bc4d)
![](https://homodeus.one/api/draft-image/66dbbcae-1999-4c73-a130-d704e2b8bd9a)

## The Present:

**To mitigate the accounts receivable (AR) dependency, Way2VAT came up with the Four Pillars Strategy, expanding into compliance, consulting and SaaS subscription revenue streams**. This broadens their service offering, allowing them to leverage their core expertise, shortening the cash cycle and building a profitable high-margin business capable of capturing a greater share of an incredibly large addressable market.

**Management has estimated these addressable markets as:**
- ~US$20bn of unclaimed VAT/GST annuallyWay2VAT has reclaimed $125m of VAT for clients, a drop in the ocean.

**~US$58bn** e-invoicing market

**~US$70bn** invoice validation/compliance market

**~US$91bn** VAT advisory market

Combined, a potential market of roughly **US$239bn**.

**The market opportunity is very large —** with each pillar alone having a very large addressable market.

# The Four Pillars
![](https://homodeus.one/api/draft-image/c4e5a35a-4d67-472f-adb6-81e7684c9d93)
**Importantly, the new services offered generate more recurring revenue with much shorter billing cycles. Although early days yet, evidence points to days sales outstanding stabilising and coming down as revenue starts to build in new services.**
![](https://homodeus.one/api/draft-image/ec6cdd15-454a-42e5-bb92-9eaaf7c5c4a9)
## Pillar ONE: Global and Domestic VAT/GST reclaim:

VAT/GST reclaim allows businesses to recover tax paid on eligible commercial expenses. While domestic reclaim targets local transactions, foreign reclaim handles cross-border transactions subject to complex international regulations.

Way2VAT streamlines both processes using an automated, AI-based platform.

Up until last year the majority of W2V’s revenue came from global VAT reclaim, along with domestic VAT reclaim, this is currently about 60% of revenues, post the RBC acquisition, still growing strongly, but becoming less proportionately.

**Why would a company outsource VAT reclaim?**

In the past sifting through invoices to find the relevant charges to figure out what was claimable as a business, which involves country tax knowledge was burdensome and subject to manual errors. Oftentimes companies would not bother to reclaim VAT. The effort was seen as too onerous relative to the benefit. **W2V’s AI-driven platform changes the dynamic**, giving a meaningful uplift in VAT refunds, lower error rates and access to expert regulatory and regional compliance. When a company has meaningful global transactions, the VAT refunds can be significant in total. W2V’s revenue model from VAT reclaim is no different from competitors in being success based, with the average being about 15% of the total reclaim amount.

##  Pillar TWO: APAI Real-Time Invoice Validation:

APAI – Accounts Payable AI – provides patented real-time invoice compliance validation delivered as SaaS.

·         They believe it is the industry's most advanced invoice compliance technology.

·         It catches problems early since every supplier invoice is checked automatically before it enters the client's finance systems - errors are caught up front, not discovered later.

·        It is sold either as a standalone offering or an integrated one. APAI works inside W2V's other products, including the new Way2Invoice platform, where it is the built-in compliance engine.

APAI helps clients reclaim more by spotting reclaimable VAT that manual processes miss. APAI directly supports the reclaim business.

APAI is on the Coupa App Marketplace. Coupa clients can plug APAI straight into their existing invoice flow, live.

Unlike their traditional core VAT reclaim product—which relies on a success/contingency fee model based on a percentage of taxes recovered—**APAI is monetized upstream as a risk-mitigation and compliance tool:**

**Tiering Recurring SaaS Subscription Fees:**

Enterprise clients pay an ongoing annual or monthly SaaS license fee to connect APAI directly into their ERP and procurement ecosystems (such as SAP, Coupa, or Oracle). This covers core integration, continuous regulatory rule updates across 40+ jurisdictions, and platform access.

**Volume-Based Transaction / Per-Invoice Processing Fees:**
- Tiered Buckets: Enterprises are billed based on predictable bands of annual AP invoice volume.
- Usage Overages: Additional per-invoice micro-fees apply if processing exceeds the agreed baseline allowance.

Pricing scales dynamically, based on the volume of Accounts Payable (AP) invoices audited through the system.

## Pillar THREE: VAT Compliance & Advisory Services:

VAT Compliance & Advisory Services provides end-to-end regulatory advisory, cross-border tax planning, and statutory tax filing services for enterprise clients operating across multiple jurisdictions, addressing the advisory and compliance burden created by shifting global tax laws.

To build out this Pillar, Way2VAT began with an acquisition of an advisory firm, RBC VAT. This has allowed them to combine human expertise with Way2VAT’s proprietary AI engine to deliver:
- International VAT Registration & Filing: Handling local and foreign VAT/GST registrations, periodic return filings, and EC Sales Lists.
- Cross-Border VAT Tax Planning & Structuring: Advising enterprises on supply chain tax efficiency, foreign indirect tax positions, and risk management.
- Audit & Regulatory Advice: Representing corporate clients during tax authority audits and dispute reviews.
- E-Invoicing & Mandate Advisory: Strategic guidance on local real-time reporting regulations (e.g., Peppol, ViDA in Europe, and national e-invoicing laws).

Monetization for Pillar 3 moves away from contingency/success fees and operates under a predictable, professional services and recurring fee structure, including:

**1. Fixed Retainers & Recurring Compliance Fees, **paid by the company.

**2. Fixed-Fee / Scope-Based Advisory Contracts**
- Complex advisory projects—such as supply-chain VAT restructuring or cross-border e-invoicing integration planning—are billed on fixed-fee project scopes or hourly consulting rates.

**Pillar 3 acts as a high-margin entry point for:**
- Synergistic Cross-Sell: Consultative audits uncover misconfigured invoice systems or unclaimed line items, which are then cross-sold into Pillar 1 (automated reclaim for success fees) and Pillar 2 (APAI validation SaaS fees).

**Stabilization of Cash Flow: **Unlike sovereign VAT recovery payouts, which suffer from 6-to-18-month government processing delays, Pillar 3 fees are billed directly to corporate clients on standard B2B commercial terms (e.g., Net 30/60 days), providing **steady upfront cash receipts**.

With the success of the RBC VAT acquisition, earnings accretive from day one, Way2VAT has found a way to add a cash generative service, (pillar) which will also provide attractive cross-selling opportunities.

To build scale quickly, they have decided to acquire further VAT advisory/consultant businesses. This will enable them to achieve cash breakeven more quickly and require less capital to get there.

##  Pillar FOUR: Real Time E-invoicing:

Pillar 4 addresses the worldwide shift toward mandatory digital invoicing and Continuous Transaction Controls (CTC) enforced by government tax authorities.

While Pillars 1, 2, and 3 handle reclaim, validation, and advisory services, **Pillar 4 acts as the direct infrastructure layer connecting enterprise ERP systems to government networks, with:**
- Mandate-Ready E-Invoicing: Generates, signs, transmits, and archives compliant electronic invoices for both inbound (AP) and outbound (AR) workflows.
- Peppol Network Access Point: Connects enterprise clients into global interoperability networks like Peppol across 20+ countries.
- Embedded AI Validation: Integrates Way2VAT's APAI compliance engine directly into the e-invoice pipeline, catching regulatory errors before data reaches tax authorities.
- Cross-Border Tax Routing: Ensures electronic documents automatically format to local tax structures (such as XRechnung in Germany, Facturae in Spain, or Invoice-X in Europe).

Way2Invoice is a pure, high-margin **Software-as-a-Service (SaaS)** model designed to capture recurring revenue regardless of VAT recovery outcomes:

**Creation of Multi-Dimensional Usage Fees:**

Clients are billed on a recurring SaaS schedule
- Per-Invoice Volume Fees: Micro-transactions charged for every e-invoice processed, validated, and transmitted.
- Per-Entity Pricing: Multi-national enterprise licenses scaled by the number of corporate subsidiaries connected to the platform.
- Per-Country/Jurisdiction Access Fees: Recurring base charges for each local tax jurisdiction activated on the platform.

There are upfront setup fees for configuring enterprise ERP connections (such as SAP, SAP Concur, or Coupa) to national Peppol access points and regional e-invoicing networks.

**Ecosystem Synergies:**
- Instant Feed into Pillar 1 (Reclaim): Because inbound e-invoices pass through Way2Invoice cleanly structured, foreign VAT line items are immediately ingested into the contingency-based reclaim engine—maximizing claim recovery yield with minimal manual intervention.
- Upfront Cash Collection: Unlike government VAT reclaim processing (which takes 6–18 months), Pillar 4 SaaS revenue is billed directly to clients on predictable B2B monthly/annual payment terms.

# The Four Pillars Strategy reshapes cash flow dynamics

## Shifting from Success Fees to Recurring B2B Cash Flows
- The Legacy Business (Pillar 1 Only):

Contingency-based VAT reclaim revenue is tied to government tax authority disbursements (e.g., HMRC in the UK, foreign EU tax offices), which routinely suffer from **6-to-18-month payment lags**. While revenue is recognized upon claim submission, cash receipts lag far behind. This resulted in a cash flow problem, with significant working capital tied up in receivables.
![](https://homodeus.one/api/draft-image/344e1861-3c74-41e5-bd1c-1697a70b2add)
**The 4-Pillar Solution (Pillars 2, 3, & 4) advantages:**
- APAI Real-Time Invoice Validation (Pillar 2), VAT Compliance & Consultancy (Pillar 3), and Way2Invoice (Pillar 4) operate on standard corporate B2B payment terms (e.g., Net 30/60 days) or upfront recurring subscription models (per-invoice, per-entity, per-jurisdiction).
- The revenue mix moves from unpredictable sovereign government payouts toward predictable upfront enterprise SaaS cash receipts.

1. Accelerates Inbound Cash Receipts

![](https://homodeus.one/api/draft-image/3e05807f-e8e9-441a-9059-86aa19eca182)- By converting a larger share of enterprise contracts to multi-pillar services, Way2VAT will generate operational cash upfront.
- By Q2 2026, quarterly cash receipts rose 83% YoY to A$1.70M, narrowing the cash burn gap alongside stable quarterly operating expenses (A$2.8M).

1. Maximizes and Pre-Qualifies VAT Recovery Yield

- Upstream Data Cleanliness: By embedding APAI Real-Time Invoice Validation (Pillar 2) and Way2Invoice (Pillar 4) into the customer's AP workflow before data enters their ERP, invoices are pre-audited and compliance-checked in real time.
- Faster Government Payouts: Clean, mandate-compliant e-invoices experience significantly lower tax-authority rejection and query rates. This directly shortens government review cycles.

1. Reduces Customer Acquisition Costs (CAC) via Synergistic Cross-Selling

- Rather than spending heavily on standalone customer acquisition for separate products, Way2VAT uses compliance advisory (RBC VAT) and e-invoicing mandates as low-friction entry points.
- E-invoices and validated AP data can be automatically funneled into the Global VAT Reclaim engine (Pillar 1), driving incremental revenue at near-zero incremental acquisition and operational cost.

# Conclusion:

**The Four Pillars Strategy** is not a stand-alone silo approach. Each pillar, individually has its own merits and a significant addressable market, but together there are significant revenue synergies through cross-selling possibilities and efficiency gains. Logically one would think that the VAT advisory service would be the first selling point, but each service has its own attractive selling points which enables further cross-sell.

**Way2VAT’s Four Pillars Strategy** directly targets the company's core structural cash flow bottleneck: **the** **lag between revenue recognition and actual cash collections** caused by sovereign tax authority processing delays. So far the evidence shows the strategy is working.

# Historic Revenue dynamics:

![](https://homodeus.one/api/draft-image/4910bb90-f57e-4941-90a3-1f82f7e7fcc4)
![](https://homodeus.one/api/draft-image/b014ccf9-3744-45a4-846d-10f516e11e5b)

# SWOT Analysis:

| STRENGTHS |
| --- |
|  | Proprietary & Patented Technology: Way2VAT holds 7 registered patents covering its automated AI, image recognition, and natural language processing technology. This automates expense-matching and VAT reclaim, giving it a defensible moat over manual service competitors. |
|  | High-Margin Scalable SaaS Model: Gross profit margins sit above 70% including the RBC acquisition. Because the core SaaS platform is software-driven, incremental customer growth adds minimal marginal cost. |
|  | Diversified Four-Pillar Business Model: Rather than relying solely on VAT reclaim, the company can monetise across its 4 distinct pillars: Global VAT Reclaim, APAI Real-Time Invoice Compliance, Managed VAT Consultancy/Compliance Services, and E-Invoicing. |
|  | Deep Ecosystem Integrations: Integrations with dominant expense platforms (SAP Concur, Coupa, Expensify) lower the friction for onboarding enterprise clients. |
|  | High-Tier Client Roster: Enterprise clients include global giants like Lilly, Henkel, Savills, TikTok, BASF, and Trafigura. |
| WEAKNESSES |
|  | Cash Flow Delays & Working Capital Lag: VAT Reclaim success fees rely on processing schedules from government tax authorities. This creates a lag between when work is completed and when cash is collected, leaving accounts receivable elevated relative to cash reserves. (Evidence points to this changing) |
|  | Historical Cash Burn & Debt Exposure: While operational cash burn has moderated, the company has historically required equity placements and short-term debt/bridge financing to support working capital requirements. |
|  | Execution Risk from M&A: Expanding via acquisitions (such as DevoluIVA in Spain and RBC VAT in the UK) brings execution risk when consolidating teams, operating software, and legacy systems. |
| OPPORTUNITIES |
|  | Global Mandates for Real-Time E-Invoicing: Governments across Europe, Asia, and Latin America are introducing mandatory e-invoicing and real-time VAT reporting. Way2VAT's Way2Invoice and APAI tools directly capitalise on this regulatory shift. |
|  | M&A Roll-Up Strategy: The cross-border tax compliance market is fragmented. Acquiring local VAT consultancies (like RBC VAT) allows Way2VAT to acquire existing enterprise customer bases and immediately overlay its high-margin automated technology. |
|  | Cross-Selling Accounts Payable (AP) Compliance: Clients initially signing up for simple VAT reclaim present a major opportunity to cross-sell accounts payable automated invoice validation (APAI), multiplying revenue per account. |
|  | A Rebound in International Business Travel: Continued recovery and expansion in corporate travel volumes naturally boost foreign expense receipts and reclaim volumes. |
| THREATS |
|  | Changes in Tax Policies & Thresholds: Local tax authorities frequently alter VAT/GST reclaim conditions, rules, and submission windows across the 40+ covered countries. Unexpected policy shifts can temporarily disrupt processing pipelines. |
|  | Competitive Pressure: Large enterprise resource planning (ERP) suites or incumbents in corporate card and expense management could develop native AI reclaim features or acquire competing technology. |
|  | Foreign Exchange & Currency Volatility: Operating globally means exposure to fluctuations between the Australian Dollar (reporting currency), Euro, British Pound, US Dollar, and Israeli Shekel. |
|  | Geopolitical Risks: With headquarters and key tech teams located in Tel Aviv, Israel, ongoing regional conflicts introduce potential operational or sentiment-based risks for international public investors. |

# Board of Directors and Management

| BoD | Title | Male/Female | Tenure | Bio |
| --- | --- | --- | --- | --- |
| Amos Simantov | Founder and CEO | Male | 12yrs, 6mth | Mr Simantov has more than 25 years of experience as an executive including as CEO, and EVP Sales of global high-tech enterprises such as SintecMedia/Operative, Rit Technologies (a NASDAQ Company), Lognet Systems, and ADI. Mr Simantov specialises in the SaaS platform, Fintech, broadcast, IT and telecom industry. |
| Adoram Ga’ash | Non-executive Chairman | Male | 10yrs, 6mth | Mr Ga'ash has 20 years of experience in startups leadership. Prior to founding Moneta VC, he founded StageOne VC which invested in approximately 20 startups and resulted in seven exits. Later in his career, Mr Ga'ash joined Silicon Valley based investment bank, GrowthPoint Technology Partners, to head up the Israeli practice and in this role, he has assisted start-ups with exploring their exit strategy with global companies. Earlier in his career, Mr Ga'ash founded Radwiz that was subsequently acquired by a Silicon Valley company. |
| Robert Edgley | Non-executive Director | Male | 4yrs, 11mth | Mr Edgley is an experienced Investment Banker having had a long career with the NatWest and RBS group and has subsequently served on multiple boards of both private and listed companies in Australia in his career as a Non-Executive Director. |
| David Buckingham | Non-executive Director | Male | 4yrs, 11mth | Mr Buckingham has over thirty years of experience in telecommunications, media, technology, IT and education. Mr Buckingham began his career at PricewaterhouseCoopers in the UK and Australia. Most recently, Mr Buckingham served as both Chief Executive Officer and Chief Financial Officer of Navitas Limited, a global education provider with over 120 colleges and campuses across 31 countries. Prior to Navitas, David worked for Telewest Global as the Group Treasurer and Director of Financial Planning, Virginmedia, as Finance Director Business Division and iiNet Limited where he held the roles of Chief Financial Officer and Chief Executive Officer between 2008 and 2015. |
|  |  | Average Tenure: | 8 yrs, 2 mth |  |
| Management: | Title | Male/Female | Tenure | Bio |
| Evyatar Cohen | CFO | Male | 3yrs, 1mth | Evyatar has extensive financial experience in public and private companies, holding CPA certifications in the US and Israel. |
| Andrew House | Sales Director | Male | 3yrs, 7mths | Andrew is an expert in tax technology, and brings a wealth of experience spending over 10 years within the finance industry and dealing with Enterprise level clients. |
| Emily Austin | Company Secretary | Female | 4yrs | An experienced Company Secretary and Corporate Governance Advisor to a portfolio of companies including ASX & NSX listed, incorporated overseas and within Australia, Unlisted Public and Private companies, Not for Profits and Charities in a range of industries including Technology, Education, Health, Funds and Insurance, Finance and Treasury and oil, gas and mining. Emily is a member of the Governance Institute of Australia. |
| Priyamvada Sanjay Rasal | Joint Company Secretary | Female | 1mth | Ms Rasal brings over 15 years of experience in company secretarial roles across multiple jurisdictions. |

# Way2VAT's Acquisitions:

**September 2025: RBC VAT (often structured as RBCVAT by Way2VAT) **is a UK and European international Value Added Tax (VAT) advisory and compliance consultancy. Positioned as a specialised alternative to Big Four accountancy firms, they focus on helping cross-border businesses, multinational corporations, and US companies navigate complex European VAT requirements.

**Core Offerings & Focus Areas**
- Strategic VAT Advisory: Providing commercial advice on supply chain structuring, cross-border transactions, contract negotiations, and market expansion across Europe.
- VAT Compliance & Filings: Managing multi-country VAT registrations and preparing ongoing filings, including periodic VAT returns, EC Sales Lists, One-Stop Shop (OSS/MOSS), and Intrastat declarations.
- Technology-Driven Reclaim: Following its integration into the Way2VAT ecosystem, the firm combines human consultancy with AI-driven technology to automate VAT reclaim processes and perform real-time Accounts Payable (AP) invoice compliance checks across 40+ countries.
- Training & Reviews: Conducting corporate VAT reviews ("health checks") to identify compliance gaps or overpayments, as well as delivering tailored training to internal tax/finance teams.

**Deal Structure & Financing**
- Purchase Consideration: Total valuation of approx. £2 million ($3.76 million AUD) structured in cash.

**Strategic Rationale**
- Part of the growth strategy, serving as the launchpad for Way2VAT's third growth pillar focusing on specialized VAT Compliance Services.
- As a hybrid Offer, it blends RBC VAT's high-level human advisory expertise (founded by Big Four veterans) with Way2VAT’s patented AI-driven VAT recovery technology.

**September 2022: DevoluIVA S.L.U. is a Spanish technology company specializing in automated corporate expense management and digital Value-Added Tax (VAT) recovery.**

In September 2022, Way2VAT completed the non-cash 100% acquisition of DevoluIVA from its parent company, Voxel Media, for an initial scrip consideration of €1 million.

The acquisition established a direct foothold for Way2VAT in the Spanish market. This enabled the company to combine DevoluIVA's domestic VAT recovery network with Way2VAT’s international VAT recovery platform.

# Recent sector development:

**An acquisition in the VAT Compliance arena: **[**From One-Man Operation to €112 Million Exit: Marosa’s Rise in VAT Compliance**](https://www.taxspoc.com/articles/marosa-wolters-kluwer-acquisition-vat-compliance/)

**To summarise the article:**

Wolters Kluwer has acquired Marosa, a European VAT compliance automation provider, for **€112 million** in an all-cash transaction announced on August 4. The acquisition expands Wolters Kluwer's global indirect tax technology portfolio under its Corporate Performance & ESG division.

Marosa was founded roughly ten years ago by Big Four–trained Pedro Pestana da Silva as a one-man operation, Marosa grew into a major VAT compliance specialist.

Marosa reached **€10 million** in unaudited gross revenue in 2025, reflecting over **25% revenue growth** year on year. They employ **112 people**.

**The Strategic Fit** **for Wolters Kluwer:**
- They can integrate Marosa's cloud-based VAT compliance and e-invoicing solutions into Wolters Kluwer's existing tax offerings, such as US-based CCH SureTax.
- Marosa enhances support for multinational clients navigating digital tax obligations, continuous transaction controls (CTC) and mandatory e-invoicing.

**Within an industry context**, the broader trend of major software vendors acquiring specialized niche tax technology providers to keep pace with rapid digital (tax) transformations worldwide comes into focus.

**For the tax technology industry, the transaction is another reminder that expertise in VAT compliance and e-invoicing is becoming a core component of the global enterprise software landscape.**

**Contrast this with Way2VAT’s A$6.442 million in revenue and 47% year on year revenue growth in 2025.**

![](https://homodeus.one/api/draft-image/34b9c6a4-a608-4228-9e3b-c03524e7b777)
![](https://homodeus.one/api/draft-image/fe12310f-45ef-406c-9f2b-a6616a6e4c8f)

# APPENDIX

## E-invoicing

E-invoicing (electronic invoicing) is the direct, automated exchange of structured, machine-readable invoice data between a seller's and a buyer's accounting or ERP software. Unlike paper bills or emailed PDFs, true e-invoices require no manual data entry, scanning, or human intervention to process.

E-invoicing mandates are now widespread, but the scope differs significantly. Some countries mandate it for B2B, others only B2G (business-to-government), and some are introducing phased mandates.

As of 2026, the countries with established or active e-invoicing mandates include:

| Europe |  | Asia-Pacific |  |
| --- | --- | --- | --- |
| Country | Mandate status / scope | Country | Mandate |
| 🇮🇹 Italy | B2B/B2C/B2G mandatory – since 2019 | 🇸🇬 Singapore | InvoiceNow/Peppol – phased B2B/GST mandate |
| 🇷🇴 Romania | B2B mandatory – since 2024 | 🇲🇾 Malaysia | National e-invoicing – phased rollout |
| 🇧🇪 Belgium | B2B mandatory – from Jan 2026 | 🇯🇵 Japan | Qualified invoice/e-invoicing system |
| 🇵🇱 Poland | B2B mandatory – KSeF phased in 2026 | 🇦🇺 Australia | B2G mandatory; B2B largely voluntary |
| 🇭🇷 Croatia | B2B/B2G mandatory – 2026 | 🇳🇿 New Zealand | B2G mandatory; B2B adoption encouraged |
| 🇩🇪 Germany | B2B receiving mandatory since 2025; issuing phased 2027–28 | 🇰🇷 South Korea | Electronic tax invoices mandatory for specified businesses |
| 🇫🇷 France | B2B mandate begins Sept 2026, phased | 🇹🇼 Taiwan | Electronic invoicing widely mandated |
| 🇪🇸 Spain | B2B mandate forthcoming, phased | 🇮🇳 India | GST e-invoicing mandatory for businesses above applicable turnover thresholds |
| 🇩🇰 Denmark | B2G mandatory; B2B requirements being phased in | 🇮🇩 Indonesia | Electronic tax invoicing mandatory under the tax system |
| 🇸🇪 Sweden | B2G mandatory | Middle East |  |
| 🇫🇮 Finland | B2G mandatory; B2B rights/requirements apply in specified circumstances | Country | Mandate / rollout |
| 🇳🇴 Norway | B2G mandatory | 🇸🇦 Saudi Arabia | Mandatory – ZATCA e-invoicing, phased since 2021 |
| 🇳🇱 Netherlands | B2G mandatory | 🇦🇪 UAE | National e-invoicing system being introduced from 2026 |
| 🇱🇺 Luxembourg | B2G mandatory | 🇯🇴 Jordan | E-invoicing requirements in force |
| 🇵🇹 Portugal | B2G mandatory, with broader digital invoicing requirements | 🇴🇲 Oman | National e-invoicing framework being introduced |
| Latin America | Latin America is one of the world's most mature e-invoicing regions. | Africa |  |
| Major mandated markets include: | Countries with significant e-invoicing/electronic tax-invoicing requirements include: |
| 🇧🇷 Brazil |  | 🇿🇦 South Africa |  |
| 🇲🇽 Mexico |  | 🇳🇬 Nigeria |  |
| 🇦🇷 Argentina |  | 🇰🇪 Kenya |  |
| 🇨🇱 Chile |  | 🇪🇬 Egypt |  |
| 🇨🇴 Colombia |  | 🇲🇦 Morocco |  |

| Market | Why it matters | Timing | Approx. businesses affected* |
| --- | --- | --- | --- |
| 🇦🇺 Australia | B2G; B2B adoption/Peppol expansion. | 2026-30 | 2-3m |
| 🇫🇷 France | One of Europe's largest B2B invoice pools | 2026–27 | 5-6m |
| 🇩🇪 Germany | Europe's largest economy; millions of businesses | 2027–28 | 3-4m |
| 🇪🇸 Spain | Large SME population | 2026–27 | 3-4m |
| 🇮🇹 Italy | Mature, enormous installed base | Already mandatory | 5-6m |
| 🇵🇱 Poland | KSeF creates a very large government-controlled network | 2026 | 2-3m |
| 🇧🇪 Belgium | Universal B2B Peppol mandate | 2026 | 1.0-1.3m |
| 🇮🇳 India | Huge and expanding GST e-invoice population | Ongoing | 5-10m+ |
| 🇧🇷 Brazil | Huge invoice volume + tax-system reform | Ongoing | 15-20m |
| 🇲🇽 Mexico | One of world's most mature electronic tax invoice markets | Ongoing | 5-10m+ |
| 🇸🇦 Saudi Arabia | Large mandatory clearance system | 2021–ongoing | 1-2m |
| 🇦🇪 UAE | New national mandate creates a fresh market | 2026–27 | 0.5-1m+ |
| 🇲🇾 Malaysia | Rapidly expanding mandatory population | 2024–27 | 1-2m |
| 🇸🇬 Singapore | Peppol/InvoiceNow rollout through 2031 | 2025–31 | 0.6m+ |
| 🇨🇳 China | Enormous e-fapiao opportunity | Ongoing | 50m+ |
| 🇮🇩 Indonesia | Large taxpayer base + tax-system digitisation | Ongoing | 5-10m |

---

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*Way 2 Vat Ltd (ASX:W2V) | Price: A$0.047

*Price as at 26 August 2026 (*not covered)*

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*Analysts: Anthony  Han, Wei Sim — Published 2026-08-26*