VAT Compliance in the Digital Age

The Digital Age

The global economy has entered a phase where digitalization is the new-normal and a main driver of business and GDP growth. If you are an established public or private organization in any industry, then digital is likely impacting you. Digital opens up the possibility to deliver your products and services significantly more efficiently whereby you increase citizen/customer satisfaction while reducing your operational costs.

VAT compliance – the Digital way

The introduction of VAT in the GCC means businesses have to be prepared and fully compliant, or risk revenue losses and significant penalties. Different businesses will take different approaches to compliance depending on their current digital maturity. AIQUAL sees the VAT introduction as an ideal opportunity for businesses to review their data management capabilities to:

  1. Achieve VAT compliance at the lowest cost
  2. Gain additional value through improved technical capabilities

AIQUAL will focus on innovative solutions for VAT compliance that go beyond the traditional ERP approaches. Our goal is to enable much more efficient administration of the VAT program in accordance with Smart City / Smart Nation standards, and with the use of the right mix of technologies including Big Data, AI and Blockchain. This means  benefiting both the businesses and the government by lowering costs and improving transparency and accuracy.

Are you hesitant?

Many business leaders have expressed the fear that hesitating and not leveraging digital means missing out on a big opportunity. Many also fear that a more adept digital-native new entrant may disrupt their business. VAT introduction will hasten the Sweet Spot and act as a catalyst for general digital transformation.

However, attempting to use a technology-first approach to digitalization will often lead to limited success or outright failure. Any technology transformation engagement should start with a business consultation to ensure the project is based on sound strategy and follows best practices in people, process, and technology domains. The output from such an engagement is a well defined strategic road map that takes in consideration all success factors and helps you avoid costly pitfalls.

AIQUAL provides best practices accumulated from over 20 years of experience across retail/wholesale/e-commerce and telecom industries. We invite you to engage in our forum or use our contact form to ask us any questions you have.

 

 

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