Understanding how the VAT will be applied in the UAE and other GCC states is
just the beginning.
Businesses are being urged to prepare a strategy for meeting tax compliance.
A Value Added Tax affects all areas of a business: sales, operations, inventory,
finance, field service, all the way to C-level management. Upgrading to a software
solution which seamlessly integrates all of these operations offers a huge advantage.
VAT compliance doesn't start 1 January 2018
In fact, you should actually be ready before this to test and ensure everything is in place.
There is no quick fix, no magic bullet or box solution to plug in and be ready. It will take time.
The bigger the business, the more time it will take. Some businesses will take many months
There are many facets involved in the preparation of becoming compliant, many businesses
don't know to what extent it will affect their businesses.
What are the risks?
Businesses without a software solution capable of correctly applying tax rates, managing
customer/region specific pricing and providing business-wide reporting will face significant
disruption and even risk penalties.
Have you considered everything?
Do you have an implementation strategy to prepare as early as possible?
Do you know how long it's going to take to become ready?
Do you know the effects it may have on your cashflow and costs to become compliant?
Do you know and understand the specific training and process changes that will be required as
well as audit and tax authority documentation needed?
Will you need to employ more staff?
What can I do now?
Having a solution that is designed to handle VAT will make the transition to becoming VAT compliant
seamless in a timely and cost efficient manner. Sybiz is helping businesses prepare for the
GCC VAT by providing planning, advice and software implementation services.
We have also strategically partnered with some key professional services firms who are helping their
clients become VAT compliant across the whole spectrum of businesses from small to large
throughout the UAE and GCC region.
These businesses include:
VAT implementation in the GCC, combining local knowledge with international
experience and innovation.
If you think your financial or ERP system is holding you back and you need a VAT-ready solution,
Sybiz can help you discover a smarter way to manage your business.