Business solution provider SunTec has announced its partnership with Al Hilal Bank and will facilitate analysing the bank's transactions, computing taxes under the new mandate, and invoicing of the newly introduced Value Added Tax (VAT) on behalf of the bank.
SunTec’s Xelerate for VAT, in its current form, has been specifically developed for the Gulf co-operation countries (GCC) to cater to their newly added complexity of taxes. It is uniquely designed to be an over-the-top (OTT) solution which can easily integrate with the core systems of Al Hilal Banks existing IT landscape. This ‘out-of-the-box’ solution can be configured and will enable banks and financial institutions become VAT ready in a matter of weeks.
“Collaborating with SunTec will lay down the foundation for a new age of VAT compliance in GCC countries. We are pleased to be the first bank in the UAE to apply SunTec’s Xelerate, which is expected to have a tangible positive impact on streamlining operations and establishing a convenient tax regime.” He added: “SunTec is a valuable partner with the expertise, innovation and services, fundamental to the industry's growth in the field of Islamic Finance,” said Alex Coelho, CEO of Al Hilal Bank.
span>VAT is the first step that the GCC countries have taken towards implementing a tax regime, affecting most industries across a number of sectors. Companies with presence in multiple GCC countries will likely encounter a several complexities over time, and it is therefore imperative to streamline operations so that service offerings are not compromised, and the financial institutions maintain the competitive edge.
“The new VAT regulation is an unknown in the GCC countries and we are proud to be the partner of choice for Al Hilal Bank in their journey towards compliance. Xelerate for VAT has been designed specifically to ensure that our clients find it convenient to become VAT compliant with least amount of interference to their existing infrastructure and carry on with business as usual,” said Amit Dua, President and Global Head, Client Facing Groups at SunTec.
