Automation of Corporate VAT Return Filing Oman, Saudi, Bahrain & UAE
10xDS successfully completed the automation of preparation of VAT return filing form for submission in Government portals as Phase 1 Tax automation for SMEs. As Phase 2, entry of purchase and sales invoice data entry into ERPs and updating VAT rules Gen AI will be implemented. For the SMEs, maintaining meticulous records of all transactions and VAT-related documents in Excel sheets or basic accounting software like QuickBooks was a challenge as there is no validation to eliminate data entry errors. Most of these SMEs lack internal expertise in VAT, making it challenging to accurately calculate and file VAT returns within the deadlines which in turn results in penalties and fines. Error-prone processes lead to VAT under or overpayments. Cashflow planning was also being impacted if VAT payments and refunds were not planned properly.
Automation enables automated download of the report of Sales and Purchase invoices from ERP, and automatic calculation of the VAT liability based on the rule book to prepare the form for submission in the Government Tax portal upon Tax team review. VAT filing automation was made faster and reduces the likelihood of human errors in calculations and reporting. Automation helps ensure that all necessary data and information are consistently and correctly included. It also ensures that VAT calculations and filings adhere to the latest regulations, minimizing the risk of non-compliance.