VAT ERP

VAT ERP

Focus 8- a highly capable VAT compliant ERP solution

The Gulf Cooperation Council of Middle East (GCC) recently announced that a Value Added Tax (VAT) will be levied on goods and services in the region. All the member countries of GCC will adhere to this new tax law. The GCC is the main intergovernmental political and economic union comprising of all Arab states in the Middle East, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE.

The GCC has announced January 1, 2018 as the date on which the new VAT rules will come into effect in certain member states. Following are some of the major aspects of the upcoming VAT:

  1. The GCC VAT will be applicable to goods and services at the standard rate of five Percent (5%).
  2. Any business with an annual turnover of SAR 375,000 (or its equivalent in any other currency from a GCC member state) will be mandated to register for the VAT.
  3. Each member state of the GCC will have discretion in determining most of the VAT compliance requirements and procedures, as per its local legislation.
  4. Essentials such as food, gas and oil, medicines and medical equipment are subject to zero Percent tax rate.
  5. Export of goods outside GCC will be zero rated. On the other hand, services from abroad will incur VAT and the taxable customer in the destination state shall be the person liable for the tax due.

Apart from the above aspects, the GCC VAT has many more details that need an in-depth study and careful analysis. Business owners are expected to understand it on a much deeper level so that they can adjust their business and financial plans accordingly. What business owners need is an efficient solution that can take care of the VAT computation without creating any obstacles in their day-to-day operations. 

Focus Softnet has already implemented successful ERP systems in several countries, compliant with their respective tax regimes. Its business solutions have garnered much praise and recognition for their ease of use, adaptability and trustworthiness. Having served enterprises and SMEs in all major industries over a period of 25 years, Focus Softnet’s expertise in providing tax-compliant dynamic business solutions has grown a thousand fold.

With its latest ERP solution Focus 8, Focus Softnet has presented the business community of GCC countries with a package they most needed: a VAT compliant business solution that is also equipped with a strong and highly capable BI.

Focus 8 has multiple capabilities that enable you to take total control over your business. Its adaptability with any size of business, features like mobility, governance and its potential to streamline operations make it the preferred solution for any industry.

With the VAT looming ahead, it’s time to try out Focus 8 and witness how it can transform your business.  

 

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