SunTec, the world’s #1 relationship-based pricing and billing company and the provider of #1 GST and VAT compliance solution for Banks and Financial Services in GCC and India, has partnered with Ahlibank, Oman, to provide its GCC VAT compliance solution. SunTec’s VAT compliance solution to help Ahlibank automate end-to-end VAT compliance process, manage regulatory changes, and seamlessly integrate it with the existing IT ecosystem. Approximately 3 billion transactions per annum are processed through SunTec’s GCC VAT/ GST compliance solution across its client base.
VAT is likely to be introduced in Oman in early 2021 and Ahlibank has taken the proactive step of adopting a VAT compliance solution to ensure operational efficiency, enhance revenue, and augment customer experience.
The win is a landmark one for SunTec as it marks the 50th customer for its indirect taxation solution. SunTec has garnered 24 customers in India and this is the 26th customer in the Middle East to acquire the solution.
Said Abdullah Al Hatmi, CEO at Ahlibank, added: “It is extremely crucial for us to be ready for VAT compliance. We are very happy to partner with SunTec to deploy GCC VAT compliance solution. With SunTec we will have a single solution in place covering all aspects of VAT compliance and we will be future-proofed given that any future regulatory changes will be handled by the solution with ease.”
SunTec’s GCC VAT compliance solution based on the Xelerate platform will enable the bank to smoothly comply with GCC VAT regulations and manage potential regulatory changes with ease. The single end-to-end solution helps automate the entire VAT compliance process including centralized rule-based tax determination, input tax recovery, tax invoice, reconciliation, corrections, adjustments, statements, and regulatory reporting.
Amit Dua, President – Client Facing Groups, SunTec, said, “We are delighted to partner with Ahlibank, Oman in what marks a historic win, in their journey to ensure VAT compliance. We understand that the VAT landscape is evolving within the GCC, and therefore, our solution offers agility to respond to these changing regulatory requirements. With the Xelerate platform and GCC VAT compliance solution, Ahlibank can digitize the entire VAT compliance process and comply with least number of changes to their existing technology infrastructure.”
“VAT is a crucial step that the GCC countries have taken to implement tax regimes. It is imperative for banks and financial institutions to have a robust and scalable solution to accommodate their specific needs. Ahlibank joins the list of more than 20 banks who have adopted our GCC VAT Compliance solution,” added Amit.
SunTec GCC VAT Compliance solution is architected to meet the unique needs of banks and financial services firms and can easily integrate with existing IT systems. The solution is designed to process all taxable transactions across business lines and applications, reduce cost of compliance, mitigate potential risk of compliance violations, penalties, and reputational risk.
© Press Release 2021