eGSTPRO VAT TM

The six countries in the Gulf Region namely United Arab Emirates (UAE), Kingdom of Bahrain, Kingdom of Saudi Arabia, Sultanate of Oman, State of Qatar and State of Kuwait, have formed the Gulf Cooperation Council (GCC) with an aim to create relations with regard to various field. For example, customs duties are payable at the first point of entry into the GCC and thereafter goods can freely move within the boundaries of the GCC.

The GCC countries have developed a unified legal framework for the introduction of a general tax on consumption in the GCC known as VAT (Value Added tax). The GCC views this tax as an alternate source of income and to generate revenue for spending on public welfare.

Two of the GCC countries, UAE and Saudi Arabia have announced that they will implement VAT from 01 January 2018. Other GCC members are expected to follow within another year.

While we wait for the regulations to be released by the UAE the law has been released and provides sufficient detail to enable businesses to get ready and be compliant as on 01 January 2018.

The VAT Law released contains stringent and high penalties for non-compliance make it essential that business ensure they are in a state of readiness. The short duration available prior to January 2018 makes it essential that adequate steps are taken timely.

About Us

eGSTPROTM from iTech Global Solution - FZCO.

iTech Global Solution is a software product and services company specializing in financial services industry for over 22 years. iTech Global Solution brings strong domain knowledge and technology experience in providing solutions to financial services industry.

iTech Global Solution provides value to clients by combining rich domain knowledge, process, innovative product and service delivery, and excellent post-sales support. We seek to work with our clients at the early stage of identifying the need to enable us to provide high quality services and professional output. Our services are focused and aligned to the immediate and long-term needs of the clients.

Our products demonstrate our strong domain knowledge, thinking innovation and creative design and technology application. Our clients receive long-term and reliable product solutions from us along with application software hosting solutions. As a company we aim to build a high level of credibility and trust with our clients by being professional in our dealings and firm in our commitment. We are flexible, responsive and accountable for what we commit.

Challenges

While introduction of VAT has enabled businesses to have a streamlined operations and seamless input credits and compliance, this has also created new challenges in various aspects of business operations which requires solutions with adequate preparation and efficient technology.
Dependency on other businesses for accuracy

The VAT administration and compliance process places a demand of accuracy on every participant to ensure timely credits. Every business is dependent on the previous and next entity in the chain for compliance. In effect, there is a need for the entire ecosystem to work like a well-oiled machinery.

Continuous engagement with Tax agencies as opposed to one-time filing

With the introduction of VAT systems in a digital-only mode, the business entities, government and tax agencies are continuously engaged in ensure timely and accurate compliance, reaction to changes in tax slabs and other provision. This places a huge demand for robust back end systems which can align quickly to changes in the ecosystem.

Complete transition from paper (offline) to online

While the earlier tax systems had multiple options of offline / off-online combination, the VAT norms clearly have brought in a paradigm shift in the way tax administration is managed. The digital-only mode places technology in the centre of all the VAT activities.

Top Management and Tax Team time investment

While the Taxation teams of businesses used to be managing the regular calculation and compliance issues, the VAT has necessitated Top Management involvement especially in aligning business objectives in the changed market and taxation scenario.

Multiple forms and compliance requirements

As in any tax system, the key requirement of filling up multiple forms and ensuring correctness of data could push up compliance costs exponentially unless businesses use the best of technology to ensure optimum resource utilisation.

Changes to other internal systems and processes

While superficially it seems that VAT is the only change, the dependent internal systems and process also have undergone refinement adding to the demands of the business.

Data Security

With the entire invoicing and taxation data moving to the digital mode, the need to enhance the Data Security has become essential. Businesses need to find newer and more secure ways of storing and sharing data. Data storage and retrieval for the duration as stipulated by law has increased dependence on outside vendors or enhanced infrastructure investments.

Our Solution

The eGSTPRO VATTM solution is a secure solution hosted on the cloud with zero start-up time, with facility for easy creation, submission, storage and retrieval of VAT data.

eGSTPRO VATTM is a intelligent VAT compliance solution enabling businesses prepare and file accurate and timely VAT returns.

eGSTPRO VATTM is also available as Computation Engine with API integration to work with accounting systems and ERP solutions.

eGSTPRO VATTM comes with an extremely easy to understand user interface. The system does not burden the user with difficult terminology, but enables easy navigation through the various computation and filing requirements.

eGSTPRO VATTM is developed and deployed entirely on a cloud infrastructure enabling subscribed businesses monitor status 24/7 and effect mismatch reconciliation.

eGSTPRO VATTM offers SMS and Email Integration providing transaction based updates to participating businesses and customers. Transactions covered include Account update, Return filing deadline, Transactions done on the website etc.

eGSTPRO VATTM works on the VAT engine which uses a combination of tax codes and conditional processing of data.

iTech Global Solution advantage

Over 22 years of tax and account legacy

Strong Domain expertise

Strong India localization expertise

VAT Subject Matter Expertise

Strong Project Management Team

Post implementation compliance review & support

FAQ'S

  • Working Capital requirements will increase and free Cash Flow will be adversely impacted due to the timing difference in paying the VAT upfront and collecting the funds at a later date.
  • Proper books and records need to be maintained by each business for a minimum period of 5 years (15 years for real estate companies).
  • VAT is a self-assessment tax and each business is a acting like a tax collector on behalf of the Tax Dept., so there is a high likelihood that there will be inspections and audits that might take place.
  • The impact of VAT is not restricted to accounts only and spreads across the business, so it is imperative that each business carries out an impact study timely to ensure that each staff is aware and there ERP is ready for proper input and output tax and reconciliations for submission. The implications would impact Sales, Procurement, HR, Legal, IT and Finance/Accounts.

Schedule a Demo

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Dubai Technology Entrepreneurship Centre, Dubai Silicon Oasis Authority,
Government of Dubai, P.O. Box: 6009, Dubai, United Arab Emirates