PentaSOL: Your In-Country Partner for VAT Enablement, Our GCC VAT Enablement program will help your organization to make your ERP compatible with VAT rules and regulations.
Value Added Tax (VAT)
Value Added Tax (VAT) is not just an accounting or tax challenge, it impacts every part of your business with regard to cash flow, costing of capital, pricing of products and services, financial reporting, tax accounting, compliance processes, supply chain, procurement and contracting, and all technology currently enabling this ecosystem. In addition, there will be significant configuration needs in your existing Oracle ERP system to meet all these changes
What Is VAT?
Let’s start with the basics. Value-added tax (or VAT) is an indirect tax added to a product’s sales price. It represents a tax on the value added to goods or services throughout their production process. VAT has been a standard source of revenue for governments around the world, in European countries like England, France, and Germany, as well as in Canada, Australia, and many others. Now, for the first time, companies in the GCC will have to collect VAT.
GCC VAT Enablement program
It would start with understanding key areas impacting your business model, and discussing and demonstrating different scenarios for the application of VAT. The implementation of changes will be managed through robust consulting and change management across various company stakeholders in the entire value chain
ARE YOU READY TO TAKE ON VAT INTRODUCTION?
Enable Your ERP for VAT in
Just 11 Weeks
GCC VAT Enablement Packages
- VAT enablement for 3 entities
- Amend 10 existing reports for VAT enablement
- Develop 5 new statutory reports
- Amend 10 VAT accounting rules for accounting
- 30 hours training for 5 power users
- Update existing suppliers, customers and items to capture VAT specific information
- Free for 2 Persons to attend VAT Configuration Training to Implement in Oracle Financials + VAT Training GCC
- Advanced level training by our tax expert for your finance/tax department for mastering VAT related concepts (30 hours training for 5 users)
- Domestic and international tax planning services to achieve cost efficiency
- 2 week site visit for assistance with preparing and composing new VAT returns for the 1st quarter post go live
- Free for 3 Persons to attend VAT Configuration Training to Implement in Oracle Financials + VAT Training GCC
- Assistance with preparation and composition of new VAT returns for 1 year post go live
- 2 weeks site visit every quarter to ensure statutory compliance and address routine concerns
- VAT compliance-related reminders and alerts services
- Periodic reporting to your tax/finance department for actionable items (e.g suppliers missing VAT details)
- Free for 5 Persons to attend VAT Configuration Training to Implement in Oracle Financials + VAT Training GCC
Reach us for more info!
Whether you’re already a customer or new to Oracle, you can cost-effectively and quickly comply with the GCC VAT rules.
If you’re already familiar with Oracle ERP solutions, there are two parts to VAT that you need to consider:
- tax automation and
- reporting and provisioning.
Tax automation involves accurately determining and recording the tax on every transaction. Oracle ERP features an automated tax solution that enables you to support global configuration and tax rules; automatically apply relevant taxes to transaction data; and access a wide range of reports including generic, standard feature, country-specific, and more.
Reporting and provisioning, which isn’t available with most competing ERP solutions, will involve reporting to government authorities and provisioning an estimated future amount that you’ll pay in VAT.
It’s entirely up to you whether you choose the tax-automation or reporting and provisioning route. But it’s important to consider the following points:
- Tax automation: You can continue to use your existing Oracle systems as normal, but you’ll need to implement tax modules, which fall under Oracle’s financial suite.
- Reporting and provisioning: You will need to create tax reporting on Oracle e-business suite or deploy a cloud-based solution that enables you to carry out tax-reporting and provisioning processes.
New to Oracle:
If you’re looking to deploy a new ERP system, you can get up and running quickly with Oracle’s VAT-compliant ERP cloud solution. Oracle’s rapid implementation strategy will save you valuable time and ensure you comply with the new VAT legislation in weeks, not months or years.
PentaSOL Cloud is an expert Silver Partner for Oracle solutions to be with you on this journey.