Underwritten by Quick Sigorta 
Taxpayers receiving VAT refunds provide a guarantee to the tax office when the refund is paid against a guarantee, usually in the form of a bank guarantee letter. With VAT Refund Surety Insurance you can submit an open-ended, unconditional surety bond instead of a bank guarantee letter.
This is a guarantee product: the insurer stands as your guarantor to the tax office. Before a bond is issued, the insurer must assess your company's financial position and assign a guarantee limit; approval and the limit depend on that assessment. We prepare your application documents and follow the process on your behalf.
What is covered?
- Guarantee submitted to the tax office for VAT refund claims
- A surety bond that can be used instead of a bank guarantee letter
- Bond issued on an open-ended and unconditional basis
- Payment if the tax office lawfully calls the guarantee
- Your non-cash bank credit lines kept free for other needs
What you should know
VAT Refund Surety Insurance is a Quick Sigorta product and is provided through our agency.
Approval and the amount of the bond depend on the insurer's financial assessment of your company and the guarantee limit it assigns. If the insurer pays the tax office, it can recover the amount from your company.
Refunds against a guarantee depend on the type of refund and the legal conditions. We recommend confirming with your financial adviser whether a guarantee is needed and for how much, and working with us at the policy stage.
Frequently asked questions
A guarantee given to the tax office must remain valid until the refund process is concluded and be usable without conditions if needed. That is why surety bonds used for VAT refunds are issued on an open-ended, unconditional basis.
No. A guarantee comes into play when the refund is to be received against a guarantee. We recommend assessing with your financial adviser whether it is needed in your case.
No. Because the insurer will act as your guarantor, it reviews your financial position; approval and the limit depend on the outcome of that assessment.
The information on this page is for general guidance and does not replace policy wording. Scope of cover, limits, deductibles and exclusions are determined by the general and special conditions of the insurer you choose.