In the last few years, the Gulf Cooperation Council (GCC) has been seeing a massive transformation in banking. The countries in the region are working closely with each other to create a sustainable alternative revenue stream while also making the region the next hub for innovation in finance and banking. The implementation of VAT provides the opportunity to generate revenue from a wider range of economic activity in the region.
The largest Islamic bank in the world used our VAT solution to facilitate computing and invoicing of debit tax and credit tax within the VAT compliance. Download the case study to learn how SunTec helped the client to:
- Accurately handle processing of end-to-end tax management for a volume of 4,200,000 transactions per month
- Comply with debit and credit side of VAT, across retail and corporate banking entities, with excellent support functions and thorough domain expertise
- Automate manual processes
