VAT Solution 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 in GCC countries 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. GCC VAT 2018 has enhanced the immediate need for a VAT solution tremendously.
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 GCC VAT 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.
We have had tremendous success especially in United Arab Emirates and Saudi Arabia with the largest bank in both countries having already partnered with us. We are the market leaders in the GCC region with over 12 banks using our solution. We are also working with the largest Islamic bank in the world to make them VAT compliant.