NetSuite expands in Middle East as GCC unifies VAT

Monday 9 October 2017 | 11:29 CET | News

Oracle NetSuite has announced the expansion of operations in the Middle East to meet the increasing demand for cloud ERP in the market. NetSuite has added a dedicated sales team with new leadership and new partners to strengthen its network and to increase uptake NetSuite OneWorld. NetSuite will offer support for the new Unified Value Added Tax (VAT) Agreement set to take effect for Saudi Arabia and the United Arab Emirates (UAE) next year, with more Gulf Cooperation Council (GCC) countries expected to follow.

The Unified Value Added Tax (VAT) Agreement signed by the Gulf Cooperation Council (GCC) countries is due to take effect in the UAE and Saudi Arabia on 01 January 2018. NetSuite will build support for the new changes directly into the system. The VAT deal will impact every part of the business, including cash flow, pricing of products and services, financial reporting, tax accounting and reporting and technology, it said.

NetSuite already has a flexible in-house tax engine that supports over 110 countries for VAT, both rules and reporting. Tax codes for the standard rate, zero rates, reverse charges, as well as VAT on imports, will all be part of NetSuite's International Tax Reporting SuiteApp.

Existing customers will get full business systems compliance with new changes in the value-added tax (VAT) rate without having to lift a finger. NetSuite's cloud computing model and the NetSuite Tax Engine inside NetSuite's financial software, ensure that NetSuite customers immediately benefit from this update.

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