Oman has set its sights on implementing a Value-Added Tax system, making it the 4th country in the GCC to do so. With a standard rate of 5%, businesses are given a six-month window from April 2021 to realign their business models to ensure VAT compliance.
The oldest consumer tax system, VAT compliance, acts as an indicator to the overall technological wellness of a country’s private sector. Here are a few of the insights we’ve studied from various resources:
More details can be downloaded from here.
VAT processes bring in an added layer of complexity to the finance operations of a business. Departments now will have to maintain all records for the required period. Housing these paper documents becomes a challenge in terms of:
On average, each employee spends 5 hours every week searching for documents. In one year, that comes up to 30 work days every year spent searching paper records. If you maintain a good practice of filing and storage, this number may come down, but by how much?
As a business, is it profitable to pay one month’s salary in excess, because your processes are not well-adjusted to the times?
The VAT laws consider electronic documents as admissible proof for auditors and the courts. Furthermore, some of the benefits of using electronic documents include:
These activities are possible when you route the electronic documents through a document management system.
A document management system acts as a central repository for all documents created inside and outside the organization. Such a central repository can be integrated with your existing systems to store all documents created at any time.
Businesses will feel hesitation when considering a document management system. Most organizations consider one of the two options:
We’ve made the argument against the file server in this article.
A document management system allows your employees to efficiently work in a collaborative environment. Any document you require is available with a few keystrokes, because of the powerful OCR engine running in the backend of the solution. Other important features include:
A document management system works as a foolproof solution to your VAT-compliance requirements. Open Bee has been used by over 35 clients in the UAE for their VAT storage purposes. With experience across multiple sectors, we’d love to advise you on how you can start your digital journey.
Now, what can you do? If you’re interested to know more about how we can help you, fill the form and sign up for a free session!
We are a Value-Added Distributor focused on enabling futuristic business practices for all our clients. Valto boasts 10 years of experience in delivering value and an excellent client portfolio that consists of governmental organizations, Fortune 500 companies and multinational corporates. Our core business began with document imaging and data capture, and over the years we have built our product portfolio to contain solutions that enable businesses to fully utilise the powers of going digital.