Ikonomikal Cloud ERP has the programs ready to take care of the VAT and other taxes or levies the Saudi and the rest of the GCC governments may require. The VAT implementation will start on January 1, 2018 and therefore companies must be ready to comply. It is a must for all companies to use an effective and efficient system like Ikonomikal in accounting, withholding, collection, payment and reporting of taxes on selected goods and services in order to file on time and avoid penalties.
Ikonomikal covers not only taxation but the whole enterprise system having the General Ledger, Treasury/Investors, AR/AP, Bank Credit Facilities, Sales, Purchases, Inventory Control and Assembly, HR Payroll, Fixed Assets, General Contracting, Project Management, Shipping and Containers, Courier and Mail, Cargo Inbound and Outbound, Cargo Forwarding System, School Information System in multiple currencies, multiple companies or branches by multiple users in multiple locations.
The monthly subscription price of Ikonomikal Cloud ERP is very economical that even a small business can afford. While the monthly Functional Consultancy Services is likewise very affordable. No affront cost and no capital expenditure. Implementation and training are included in the monthly Functional Consultancy Services.
Ikonomikal also offers Free Customization, Free Development and Free Technical Support.
Ikonomikal Cloud ERP is a proprietary software, professional, comprehensive, integrated, 100% mobile and a self service ERP.
Interested parties may see the company website at https://hq.ikonomikal.com or others may see, test, enter transactions, save and post, print documents and reports in the actual software at https://ikonomikal.com
Please email your inquiry to sales@ikonomikal.com
Kindly read the following VAT news articles for reference.
Saudi tax authority opens VAT registration on its portal
The Saudi General Authority of Zakat & Tax (GAZT) has opened registration for value-added-tax (VAT) on its online portal, a local newspaper reported, adding that there will be a 10,000 Saudi riyals ($2,666) penalty for the eligible businesses and entities that do not register within the deadline.Please click the link for more details:
http://www.zawya.com/uae/en/story/Saudi_tax_authority_opens_VAT_registration_on_its_portal-ZAWYA20170830050522/
Saudi issues August deadline for VAT registration
Sunday 13 August 2017Businesses will have until later this month to register for the tax
Saudi Arabia’s General Authority of Zakat and Tax has reportedly announced that firms will only have until later this month to register for value added tax (VAT).
Saudi Gazette reports that the authority declared an August 26 registration deadline for firms with an annual turnover exceeding SAR375,000 ($100,000).
Please click the link for more details:
The introduction of VAT in Saudi Arabia
Value Added Tax February 2017The representatives of the Member States of the Gulf Cooperation Council (GCC) confirmed the introduction of a formal VAT system across all six Member States through the signing of a VAT Framework Treaty. The Treaty acts as the basis for the domestic VAT legislation in each Member State by stipulating certain principles, which must be followed by all members, while allowing the countries to opt for different VAT treatments in relation to some supplies.
Please click the link for more details:
https://www2.deloitte.com/content/dam/Deloitte/xe/Documents/tax/countriesvatimplementation/me_tax_vat-implementation-in-saudi-arabia.pdf
Saudi Shura Council approves VAT law draft
13 JULY, 2017
Council decision follows launch of public consultation on draft law in June
Saudi Arabia’s Shura Council has approved the draft of value-added tax (VAT), a major step forward in levying of sales tax in the kingdom, which is at the heart of the government’s push to generate revenues through alternative sources as windfall from oil dwindles.
The council, a powerful consultative body, gave the approval after the financial committee on VAT submitted its report, according to kingdom’s official news agency SPA, which added that the draft law is in line with the provisions of the uniform agreement between the GCC countries.
Please click the link for more details:
Saudi Cabinet approves VAT measure
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