Value added Tax for Financial Institutions in GCC Countries
With the deadline for VAT fast approaching, most of the GCC countries have already taken notice. As a result of the way the businesses are structured and the way VAT has been envisioned in the region, banks and other financial services firms are amongst the most VAT complex businesses. Specifically on the sales side, they will have multiple VAT liabilities.
SunTec, through its flagship product Xelerate®, enables banks and financial institutions orchestrate complex taxation changes associated with VAT. The out-of-the box and end-to-end solution has been designed to de-clutter core engines and bring out the indirect taxation logic. It is a tried and tested product with more than 30 financial institutions partnering with us in India recently to comply to the newly launched GST (Goods and Services Tax) regulations.