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In a collaborative approach to diversifying revenue sources, the states of Gulf Cooperation Council (GCC) – UAE, Saudi Arabia, Bahrain, Kuwait, Oman and Qatar have signed a unified agreement confirming their intention to implement Value Added Tax (VAT), an indirect tax, across the region starting Jan’ 2018. A benchmark of 5% VAT is levied at the point of sale on consumption of certain good and services. This VAT regime will impact every stage of the supply chain within the organization from procurement to sales.
As tax system has been introduced for the first time to businesses and clients in the GCC states, it has become mandatory for businesses, manufacturers, wholesalers, retailers and other clients to comply and configure their Sage 300 accounting solutions with the new taxation system revolving around vendors, suppliers and products. Businesses need to ensure that all the financial transactions are recorded, keeping books of accounts accurate and up to date with the list of invoices, detailed break up of customers and the VAT that is levied.
To make your business VAT ready for your Sage 300 accounting solution, Greytrix with its diverse knowledge and experience in offering taxation solutions, introduces VAT add-on for Sage 300. This unique add-on will configure your Sage 300 ERP with the statutory tax rules and accounting systems making it compliant, thereby driving a seamless transit into the VAT era.
Greytrix with a consistent methodology helps businesses align and adapt to the tax configuration challenges. Having worked on complex taxation systems such as the Malaysian GST, Singapore taxes, India GST, offers successful implementation of tax configuration systems for businesses across the globe. The underlying factor that makes Greytrix VAT add-on for Sage 300 prominent is the simplicity and hassle-free systems allowing enterprises to function seamlessly with a wide range of features. Our aim is that your business receives support and guidance for the implementation journey and help in successfully overcoming the uncertainties and challenges that lie ahead in your financial transactions.
The features of Greytrix VAT add-on for Sage 300 include -
Greytrix VAT add-on for Sage 300 GCC is a holistic solution for making your business VAT ready impacting every part of your business from cash flow, capital costing, pricing of products and services, financial reporting, tax accounting, compliance processes and supply chain. The benefits of the add-on for your business include –
Generate VAT efficiencies and savings by minimizing the risks of losing finances and reputation and make your business VAT ready with Greytrix VAT add-on for Sage 300.
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