Monex, the Killarney, Co Kerry-based financial services company, says it has won an exclusive state contract for VAT funding for the state of Israel in conjunction with its Israeli partner, Changeover.

The refund system in Israel differs from the European model since every "visitor" is entitled to get their VAT back at the point of purchase.

The technology for the real-time processing of the Israeli refunds at more than 2,000 affiliated outlets will be handled by Monex in Killarney, according to the company's managing director, Mr Frank Murphy - in a deal which he describes as "a major boost for the company's international growth plans".