Best VAT software
Finding the best VAT Software for your business is now faster and easier! Compare prices, reviews, features, and get free consultation to find the perfect software.
VAT - a governmental sales tax is now widely used in many countries across the globe and business organizations need to follow its rules and regulations. VAT software is an extremely efficient system that can help companies manage all their tax compliance requirements in an automated manner without the help of an accountant. A VAT accounting software is specifically designed keeping in mind the VAT taxation requirements of the country where the company is located and handles all essential activities such as sales orders, tax returns customer invoices, receipts, and vouchers
The GCC countries have jointly agreed to change their traditional taxation system and follow the new VAT in GCC regulatory framework. A comprehensive framework agreement has been signed by each of the six GCC countries: Bahrain, United Arab Emirates, Oman, Qatar, Kuwait and Saudi Arabia which will clearly state the underlying principles of the new VAT laws. These GCC countries have been obliged to adopt the new VAT to harness more reliable and varied sources of revenue and to reduce their dependence on oil and petroleum. The GCC countries’ decision to unify their VAT implementation is according to their longstanding economic agreement and customs union.
VAT accounting is an international tax and works the same way across the world. The value-added tax will be added for the first time in the Gulf Cooperation Council, and this revolutionary step will be taken from January 2018 onwards. All the GCC countries will have time from January 1, 2018, till January 1, 2020, to implement the new VAT policy. The VAT accounting will be taxed on transactions, and not levied on the profits. Most businesses will be allowed to charge VAT on the sales, at a standard rate of 5%.
It is expected to bring about a huge change in the functioning of business organizations in those regions, and they will have to adhere to the new rules & regulations. The new laws will be very stringent in nature and businesses will be heavily penalized if they fail to pay the requisite VAT taxes.
The new VAT regime is a boon for taxation authorities since it brings them the money very quickly as businesses collect it for them. The standard rate of 5% will apply to substantially all of the major domestic supplies made in the normal transactions of business. Certain exemptions and zero rates will apply, but specific GCC members have a powerful degree of flexibility as to whether to adopt standard rate, exempt or zero rates.
The United Arab Emirates have set up January 2018 as a starting date for their implementation, whereas the VAT accounting software in Bahrain will be adopted by mid of the year 2018. Saudi Arabia has also committed to imposing VAT accounting for all goods and services by January 1st, 2018. Kuwait has also agreed to implement VAT accounting, however at a later date in the year 2018. Altogether the Arabian Gulf countries have committed to apply the unified Agreement for Value Added Tax, but all countries are moving at different speeds of implementation, thereby there is less possibility of a harmonious introduction of the levy – however, all nations have assured that VAT system will be implemented in the year 2018 for sure.
There is no doubt that implementing the new VAT regime is going to be a tough path and many roadblocks will be faced before there is a smooth transition. There is a lack of clarity regarding the ratification and release of the GCC VAT Framework Agreement, and there is also the uncertainty of domestic legislation that puts the implementation of VAT at a major risk of delay.
At present, there is a complete absence of VAT legislation, and thus the corporate sector will have less time to prepare for this huge overhaul. Business organizations will need to install suitable arrangements and an efficient workforce to collect online VAT accounting software in UAE and pay the complete amount to the tax authorities on a timely i.e. monthly or quarterly basis. The member countries cannot conclude their national VAT laws till they finalize and adopt the GCC VAT Framework Agreement – hence the process has to be speeded up and completed by the end of the year 2018. It is strongly advised that firms should assess their procurement procedures, operational frameworks and systems, contracts and legal models, to be VAT ready and reduce the impact of this imminent change.
VAT is going to be universally implemented across all the GCC countries and there’s no doubt that it is going to have a tremendous impact on a number of industries. Important sectors such as aviation, retail, healthcare, education, banking and financial services will have to conform to the new regulations that will be set down by the online VAT accounting software framework. Taxpayers in these nations will be provided with the full set of rules to understand their obligations of VAT payment and the impact of the taxation regime for each segment of the industry.
Some industry-specific regulations are as follows:
- There will be a sizeable number of online VAT accounting exemptions that will apply exclusively to financial and insurance service companies and this will require complex classification issues, along with the need for flexible systems and procedures for managing ongoing compliance.
- Oil and gas is a crucial business sector in all the Middle Eastern countries and it is highly expected that the Government will try to ensure this sector is not seriously affected by the introduction of the new VAT policy.
- Real estate industry that deals in the sale of a commercial property are possibly expected to be treated as highly taxable in contrast to the sale of residential property transactions, which is likely to be exempted under VAT system.
- For the retail industry, VAT compliant accounting software in UAE invoicing and pricing along with the precise VAT classification of sales will be critical. Business promotional schemes, such as loyalty programs and voucher cards, can offer customers relief from technically complicated VAT scenarios and implications.
After 100% implementation, the new value-added tax will impact practically every function within a business organization and will be applicable to goods and services throughout the supply chain – at each stage of the production process. Hence, it is of absolute importance that all businesses must stringently undertake and review their current readiness and the implementation of online VAT accounting should not be taken lightly. There should be the timely training of employees who will be dealing with the taxation issues as this is a crucial component in ensuring that all functions of the business will transition in a seamless manner to the new online VAT software administration.
It is of absolute importance that all business organizations conform to the new VAT system in the Gulf Cooperation Council countries. If the new framework is not followed, there is a serious risk that the current business procedures will not be compliant with the new legislation. Furthermore, the company may not be able to submit a comprehensive and accurate VAT accounting return document in a timely manner. Non-compliance with the VAT framework will also invite heavy penalties or prosecution, whichever applies. Hence, it is strongly advisable to all businesses in these Middle Eastern nations to review their VAT preparedness and utilize the current time to build a strong foundation for implementation of the new system.
Why do companies need to prepare extensively for implementation of the new model of VAT in the GCC countries?
The anticipatory date for VAT implementation across all GCC countries is 1st January 2018. Given the organizational complexity and huge volume of business transactions, it could take companies a considerable amount of time to evaluate and map out their new procedures for business transactions. This is an important step in the holistic implementation of the online VAT accounting software regime and preparations should be timely started prior to the legislation. A complete review of the existing systems would help companies anticipate the size of the changes and amount of effort required.
These will be critical areas for companies to focus on, to get VAT ready –
- Understand the key functional areas of their business that will be impacted
- Prepare the various scenarios for the design of the new online VAT accounting software structure
- Plan for the complete training of existing staff and hiring specialized personnel if required
- Continuously track and monitor the new VAT policy development
- Review the capability of existing IT systems to adapt to the new online VAT software system
- Maintain the VAT implementation in line with the overall strategic agenda of the business
There will definitely be some level of variance in application of the new rules for online VAT accounting software across the GCC member nations. Similar to the European Union, there will be certain provisions which are compulsory, and others which will be optional in nature, and lastly, there will be some regulations where will be a choice to be made on treatment at a local level. It has to be seen how each member country will approach the adoption of these provisions and this is likely to depend on their internal legal framework, policy settings, economy, Government legislation, etc.
Moneypex is accounting software for business owners to manage their business finances from a single HQ. It automates most of your bookkeeping needs to streamline your needs. Startups, contractors and sole traders can use moneypex for their needs.
Tally.ERP 9 is a business accounting software for accounting, inventory, payroll management. It is economical and one of the most popular ERP software solutions available in the industry. You can download free version of Tally.ERP 9.
Zoho Books is a VAT compliant accounting software. Offers receipts, inventory, get a return, find back transactions, multi-user and reporting the data. It is very modern, simple to use for users and developing the site to increase traffic on that.
QuickBooks is a vat accounting software for small size organizations. It's simple online vat software for business owners to make informed decisions. The added characteristics of arranging bills, track mile, receipts, and payments, allow multiple customers to use at the same time, control on payroll and analyzing all the report.
ProfitBooks is a simple and fastest business accounting software for small businesses. It lets you create beautiful invoices, track expenses and manage inventory without any accounting background.
Oracle ERP is the leading VAT accounting software in UAE, it can equip your workforce with modern ERP software and empower them to higher levels of productivity. Oracle ERP Cloud is a complete, integrated, and modern cloud application suite that manages accounting, procurement, products, and projects enterprise-wide.
Sage offers a complete desktop accounting software that helps you spend less time managing your accounts and more time developing your business. With its easy to use interface, Sage 50cloud Accounting has aided small businesses and entrepreneurs to operate efficiently and effectively. Special Offer: 40% off Sage 50cloud annual subscriptions | Coupon Code: D-1929-0020.
PACT ERP software enables companies of all sizes to run their business in a professionally organized manner. It automates and manages all key operations in a single, integrated system for the ease of use. The system takes control of financial management, inventory control, sales management, budgeting, and more.
Special offer of 40% off for new customers | Valid until 30th November
The best vat accounting software for payroll and account tax filling, particularly designed for small and medium-size companies. The software is a best for speed cash flow and will be helpful in reducing the cost and filing the taxes. This vat software is helpful to maintain critical data with user security and improves communication and collaboration between all areas of business.
RealSoft ERP is a fully integrated VAT software in UAE and other Middle East countries for ERP solutions. This VAT software includes attributes like trading solutions provided to industries, integrated accounts, flexible run on all the devices.
GCC VAT PRO is the most simplified Cloud Based ERP solution with complete GCC VAT Compliance at very low monthly subscription It's comes with Pre-Configured VAT Return forms for UAE and Saudi Arabia approved by Government.
An advanced VAT compliant accounting software that can manage automate end to end tax filing, suite, calculation, return filing, document management to thousands of customers accurately calculate sales and use taxes based on up-to-date tax data.
The best and leading company in VAT accounting software for small and mid-sized businesses. Simple and easy to use for users to manage all the activities. Help to make a smooth process for record sales data, receive payments, arrange financial accounts, purchase order, bank activities and give security to the user's account.
The leading and powerful company to provide errorless VAT accounting solution throughout the Middle East that guarantees about the client's engagement and productivity for utilizing the arrangements through far-reaching training and support program.
Emtax is a bolt-on Tax localization solution with guaranteed ROI, built to address the diverse taxation requirements of enterprises in GCC. It is a VAT tool that is complementary to your existing system and works with the software you already use from ERP or account.
Cygnet R7VAT is VAT automation software. We use 7 step automation process to automatically extract the financial data from source systems, perform extensive validations on and prepare the VAT returns.
OV Gate is flagship product of Oneview IT Solutions, headquarter at UAE and develops centers at India. We have been engaging with travel management companies and professionals in Middle East for the past couple of years.
End-to-end ERP for growing CONTRACTING & CONSTRUCTION in the UAE: Real-time reporting, BOQ, Estimation, Quotation, Approvals, Project cost control, Project revenue & cost analysis, Purchasing, Tendering, Labor cost, overheads allocation, and many more.
An unbeatable solution for VAT filling accounting software also having more than 1500 customers. It streamlines data from all over the system. Automatically check data, cross-check from reliable sources and delete duplicates and easily submits and follows up on your recovery. On the off chance that confirmation is absent for any of your organization's VAT returns.
Xero is a web-based VAT accounting software for SMEs business. It makes a smooth process either is generate statement, inventory, attach with data, make a list of buyer orders, manage payment, runs on ios and Android mobile applications and safety for users private data.
Effitrac which is safe, fast and cost-effective. It helps to calculate VAT charged at every point of sale, from the day the raw material is procured to the date it is sold to costumers.
Daybook software automates accounting process. It has modules for VAT Accounting according to rules and regulations of Saudi Arabia. It supports 27 languages and is a leading company in Middle East.
A fully featured online VAT software for billing and accounting. It's a cloud-based VAT accounting management solution that offers invoicing, expense management, payment management and customer relationship management. The user can share the information by mail and promote the products estimates.
A current vat software for managing business applications in Bahrain. Attributes user-friendly environment, transparency, flexibility and highest speed to solve the problem. Suitable for all size of companies. Quick access at any time from anywhere.
One of the best VAT software that gives 100% transparency on reclaiming/refunding your VAT return. Also, provide real-time online reporting system. Aside from the distinctive VAT rules that can apply in a various regional language of the country, from where you are asserting from.