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We all know that VAT is going to be imposed in the Saudi Arabia and other Middle East countries in early January 2018 and it is becoming a hot topic these days. Corporations and companies are now making rapid movements to become a VAT claim and have also started to register to obtain their VAT number corresponding to the corresponding VAT authority.
What is VAT (Value Added Tax)
VAT is a general TAX of compensation to the sale price of a product. It represents a tax on the “added value” to the product throughout its production process.
VAT in businesses will need to implement VAT in Microsoft Dynamics AX and its other ERP software. Microsoft Dynamics AX will use a tax matrix to calculate VAT. The main configurations that will be needed are:
- Configure tax
- VAT incorporation in Dynamics AX
- Establish VAT schedules
- Set up sales tax groups for VAT
- Establish tax codes for VAT
Consultancy of VAT for Saudi Arabia
VAT consulting for Saudi Arabia and KSA We need to draw your attention to set up and implement the VAT application in Microsoft Dynamics AX for UAE and KSA. We are a comprehensive provider of Saudi VAT ERP SOFTWARE, including IT support and implementation services. You should always consider professional advisors, who understand your business to ensure your VAT compliance to handle it professionally. We can help you investigate your VAT process designs, compare them with global reference practices and advise you on the best solution against your VAT compliance problems. We will be happy to make a free session to familiarize you with the principles of VAT and its general implications. In addition, we can help:
- Carry out a VAT evaluation in your business and Microsoft Dynamics ERP systems;
- Recommend changes to the accounting and ERP systems to ensure compliance with VAT legislation.
- Assist in the VAT registration process with the Federal Tax Authority (FTA);
- Provide your company with continuous support with VAT.
- Provide the implementation of other IT solutions, including Microsoft GP, NAV and Dynamics, in case current financial systems do not comply with VAT.
Is your ERP compliant with VAT?
The impact of taxes must be accurately managed in the Microsoft Dynamics AX ERP system to avoid compliance risks. Compliance risks such as
- The new business structures
- Changes in tax administrations
- Changes in the logistic flow
- Changes in legislation
Alrasmyat VAT Consultant will have a focused risk review and VAT consultation in your Microsoft Dynamics AX ERP system that will give you practical visibility on how to address these risks.