TEL AVIV - Israeli tourists will now be able to obtain VAT refunds in Israel on goods purchased overseas. An agreement between Global Refund, a company that deals with tax refunds worldwide, and the Israeli-based Total Money, will enable Israeli's to apply for overseas refunds in Israel and recieve them in shekels. Over the past 12 months more than 200,000 Israelis have applied for VAT refunds overseas, at an average of 37 Euros and totaling 7.4 million Euros. Total Money CEO Tzvi Meshi said he estimates about 15 percent of Israelis requesting VAT refunds would prefer to apply for them in Israel. Global Refund is affiliated with more than 90,000 stores, in some 32 countries, mainly in Europe. Until now, tourists shopping at one of the many stores associated with Global Refund would fill out a form, and present it at the airport, together with the goods purchased, upon their departure. Some refunds are given on the spot, while others are sent in the mail. With this new option, travellers may elect to apply for their refunds at the the company's Tel Aviv offices or through the mail, and receive their refunds in shekels.