The Value Added Tax (VAT) for GCC comes into effect on 1st Jan’2018. Are you confident that your business is VAT ready?
VAT would bring in significant changes to your business processes and operations, Whether it’s pricing, supply chain, cash flow, internal policies or Compliance’s – VAT is going to have an impact on your business, and may require proactive planning with a time-bound action plan for VAT implementations & Compliance.
Microsoft Dynamics 365/ NAV is ready for GCC VAT and makes sure your business ready. We have been working closely with our existing and Prospective customers and advising/strategizing and discussing implementation, Upgrade plans, realigning supply chain and administrative transformations and to help them understand their VAT compliance level and build a readiness plan. Given the magnitude of change, customers seek to move quickly and efficiently towards the new VAT tax regime.
Key Imperatives and Transition Road map for Upgrade/ VAT Implementation
- Business Process Mapping, Supply Chain realignment and Impact analysis
- Classifications of Items and Services
- Order to cash
- Procure to Pay
- Intercompany Transactions
- Review your contracts, PO Amendments
- Tax Structure configuration and computation
- Software Set up/Patches Configuration, Training
- Document Numbering & Forms Print
- Master Data amendments, Including Chart of accounts
- Migrations of Transactions balances data
- MIS Reports
CETAS follows a comprehensive approach to VAT impact assessment and implementation. Our services are designed to fully prepare small and medium businesses for VAT challenges in GCC, where the Functional, Technical team and Business Advisory teams work together to provide seamless Consulting services to ensure the smooth transformation to the VAT regime.
Significant changes are expected to take place in ERP systems for VAT, and therefore Customers are thus recommended to be well-prepared, and adopt a proactive approach before VAT comes into effect.