VAT Regime In GCC
Effectively in 2018, some of the Gulf Cooperation Council countries, which comprises of Saudi Arabia, United Arab Emirates (UAE), Bahrain, Qatar, Oman and Kuwait will be implementing a new Tax Regime, namely the VAT (Value Added Tax) regime.
Every part of an organization’s business is impacted by VAT, not just the accounting or taxation piece. All aspects of the business – right from cash flow, costing of capital, pricing of products and services, supply chain, procurement and contracting, financial reporting, tax accounting and compliance processes undergo change.
Customers can continue to use their existing Oracle ERP systems as normal, but will need to implement tax modules that fall under Oracle’s Financial Suite.
Built into the existing Oracle product, is Oracle’s own tax engine.
The tax engine will need to be configured in a company’s existing Oracle ERP (Enterprise resource planning) system to meet all these changes.
Bazaar247 can help a business set up their Oracle EBS systems to automate this tax calculation. We will ensure accurate determination and recording of tax on every transaction.
Our team would conduct a system assessment and gather requirements to determine process fitment of the taxation requirements.
Finally, a high level solution will be identified with retro-fitment of Oracle features to meet the GCC VAT requirements, including customization.
VAT Regime In GCC
Effectively in 2018, some of the Gulf Cooperation Council countries, which comprises of Saudi Arabia, United Arab Emirates (UAE), Bahrain, Qatar, Oman and Kuwait will be implementing a new Tax Regime, namely the VAT (Value Added Tax) regime.
Every part of an organization’s business is impacted by VAT, not just the accounting or taxation piece. All aspects of the business – right from cash flow, costing of capital, pricing of products and services, supply chain, procurement and contracting, financial reporting, tax accounting and compliance processes undergo change.
Customers can continue to use their existing Oracle ERP systems as normal, but will need to implement tax modules that fall under Oracle’s Financial Suite.
Built into the existing Oracle product, is Oracle’s own tax engine.
The tax engine will need to be configured in a company’s existing Oracle ERP (Enterprise resource planning) system to meet all these changes.
Bazaar247 can help a business set up their Oracle EBS systems to automate this tax calculation. We will ensure accurate determination and recording of tax on every transaction.
Our team would conduct a system assessment and gather requirements to determine process fitment of the taxation requirements.
Finally, a high level solution will be identified with retro-fitment of Oracle features to meet the GCC VAT requirements, including customization.
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