InfoFort launches VAT compliance solutions
The new VAT Compliance and Automation Solution has been designed for businesses based in the GCC
Ahead of the expected rollout of VAT across the Middle East region, InfoFort, an Aramex company, has launched a new VAT compliance solution designed for the GCC region.
The VAT Compliance and Automation Solution is designed to help organisations meet both legal and compliance of VAT, while also optimising costs and mitigating risks.
The platform comes equipped with the tools needed for uses to manage their invoice submission, digital classification, retention, data capture and reporting.
Commenting on the new offerings, Abed Shaheen, CEO of InfoFort, said, "Once the VAT is officially in place, GCC-based businesses will have to provide essential information as part of the audit exercise. Additionally, they also have to be aware of risks associated with tax evasion or non-compliance of processing large volumes of VAT data that are mandatory for validation during audits.
These requirements, now more than ever before, highlight the need to digitise data and automate internal processes as companies will now have to maintain financial and accounting details for five years, which can be a time-consuming and cumbersome process.
The upcoming value-added tax (VAT) implementation is expected to go in effect at the start of 2018 across the entirety of the GCC.
"With data protection, governance and compliance embedded in every process, our solution ensures that that tax legalities and government reporting does not cost you a fortune, hinder your growth, or increase your risk. We simply enable you to focus on your core business and its growth while you remain compliant," added Shaheen.