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 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.

What makes our product the leader in the market?

Highly scalable and flexible product

VAT guidelines are still being developed in most regions with possible enhancements over the next year. Therefore a product which can change fast or add newer functionalities is essential. Xelerate® enables banks to implement VAT with a spectrum of pre-built, feature-rich functional modules.

The GCC VAT solution is packed with the most vital features that a bank would require to ensure business continuity and unperturbed customer experience in spite of the quantum of operational changes.

SunTec’s agile mode of delivery ensures faster time to market and can get your bank VAT ready in about 8 weeks!! Seamless integration capability with any IT environment and both batch and online systems further adds to the advantage.

Centralised control with local flavours

With Xelerate® GCC VAT solution, you can enable your banking technology ecosystem to derive, segregate and compute and account VAT in a centralized manner, thereby ensuring effective receivable and accounting management. This allows you to maintain a close control over your operations and ensure changes uniformly.

However, you can also bring in exceptions and local flavours to account for different demands or VAT rules if necessary. The flexible product allows easy parameterization rules to derive tax, irrespective of inter and intra-state combinations directly by the business. The exceptions can even go down to the bank levels.

Manage tax across business lines

Our GCC VAT solution has the unique ability to act as the middle layer sitting on top of multiple business lines and therefore analysing and orchestrating the data within one system. This helps in reduction of cost of maintaining multiple systems while at the same time eliminates the need for creation, maintenance and execution of multiple processes.

Having a 360 degree view of the customer also helps in adding taxes to singular invoices of the customer. This increases customer satisfaction as well as removes inefficiencies from the system

Reduce disruptions to your core engines

Disruptions to the core systems are always risky. With components being hard-coded as well as quite dated on some occasions, it is not only a risk from time and money perspective but might cause business stoppage with considerable revenue loss.

Xelerate® is an enterprise class product designed to sit on top of your core engines from different lines of business without the need to disrupt their activities. Therefore, you get all the benefits of a core system update without any of the risks.

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Get in touch with us now to get VAT ready before it is too late

If you are attending SIBOS at Toronto this year, feel free to visit us at Stand J37 for a detailed discussion. Our VAT experts will be present to take you through the system as well as any queries you might have

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