Will your systems deliver the data you need to produce your first VAT return in the GCC?
The introduction of VAT in the UAE and Saudi Arabia have shined a light on the vital role played by IT in being VAT compliant. The digital world of tax compliance is rapidly moving towards its complete visibility in real time, and at a detailed line item level. Being able to complete a VAT return at month end via a standard tax setup of an ERP system report is, in many instances, not sufficient anymore.
EY and Thomson Reuters have collaborated on a paper to explore how businesses should approach automating VAT determination and compliance to build a scalable and sustainable process for the future in the GCC.
If you have any queries, or would like to speak to a Thomson Reuters representative, click here to contact us.