MEA November 2017

MEAMARKETS / November 2017 17 VAT in the Gulf Corporation Council—Accelerating Compliance with the Right ERP Platform g integrated enterprise resource planning (ERP) system or a standalone finance package, you will likely have access to basic VAT functionality. But compliance with new country-specific regulations within the GCC may require anything from mild configuration to extensive procurement. Whatever your scenario, aim for extensible functionality and flexible options that minimise the likelihood of financial penalties. With a series of interlocking global engines, you can easily configure the rules that determine how transactions are posted, where they are posted, how tax is calculated, how currency is handled, and how data is stored. Demand flexibility, so you can add the functionality that makes sense for your business. The best solutions are designed around core functions that worldwide tax systems have in common, with national variations as configuration options. In particular, ensure your chosen ERP system is capable of producing the required level of documentation. A comprehensive set of electronic-compliance features is advisable, as is a structured reporting framework that can produce VAT submissions in a wide variety of formats. Remember that non-compliance can have a detrimental effect not only on the corporate purse, but on brand credibility. Managing the intricacies of VAT regulations is made a lot easier with the right technology platform for commerce.