Enterprise software solutions provider for the financial, commercial and real estate industries, Mighty Systems is offering tax automation with its OneVAT software solution for the GCC. The software is a comprehensive solution to handle and comply with the new GCC tax regime. It is a stand-alone application different from current accounting, ERP, Point of Sale or billing systems and is capable of storing and updating tax rates, rules and regulations published by the tax authorities.
OneVAT is a software solution that takes the user from the determination of the VAT rates through the e-Filing process by employing a simple process. Businesses that have large transaction volumes, belong to a VAT group, and have cross border transactions will benefit from employing OneVAT. Accountants and tax consultants can use OneVAT as a tool to perform the tax compliance of their clients.
Many businesses have not come to grips with the challenges and complexities faced by the new and evolving VAT taxation regime in the GCC. Likewise, many of the solutions do not adequately tackle the needs of their business clients. OneVAT, however, was developed drawing upon the experiences of other VAT jurisdictions.It is a centralized tax engine that determines VAT rates, validates VAT returns from the existing financial system, reconciles pay ables and receivables within the business and between companies in a tax group, archives and manages the records, and prepares the returns for e-Filing; one complete system. This is crucial given that businesses can be audited and potentially fined for violations, errors and improper record keeping.
Basil Salah, Managing Director of Mighty Systems said, “OneVAT application is customized for the GCC market and was developed by our in-house development team based in the UAE. Drawing on twenty years of experience and a development team of over 30 software engineers, we are able to support all types of businesses and industries and enable full integration into existing financial systems.”
The roll out of the OneVat software solution will take place over the next few months in the UAE and Saudi Arabia with future plans to expand across the GCC region.
