MTD VAT obligations - current vs future state
While 99% of VAT returns are filed online, only around 13% of VAT returns are currently filed directly from the software. For the remaining 86%, the VAT return figures are typically entered manually.
"It is with great pleasure that I announce that we are SUCCESSFULLY LIVE with Egypt E-Invoicing Project. The Go Live was kicked off early in the morning today. Though we faced initial hiccups with the connectivity, this was later addressed and we could see successful invoices flowing in to the government portal. The success can be measured by the fact that we have successfully processed all valid invoices posted till today. Stress testing was done by posting 65 Invoices Together and all processed successfully. Through the course of these 3 Months , the solution was changed multiple times by the government. The latest change coming just a few days before Go-Live. There were times when each of us was swamped and overwhelmed; however, all of the project team members stayed the course and worked hard. After testing the system End to End multiple times we made the commitment to move forward by going live this weekend."
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'User-friendly, manageable, scalable, extendable, upgradeable, reliable, sustainable, SAP integrated, VAT compliant, audit trail'
We combine technical knowledge with industry understanding and knowhow of technologically advanced tools and methodologies available in the market or developed by ourselves.
Technology-related tax risk: understand and address the potential harms and benefits of (new) technology.
Ascertaining proper IT support for ensuring efficient, timely and reliable reporting.
VAT should be considered in every aspect of the process, from concept through completion and beyond. Managing by design — looking at any process or transaction from end to end and factoring in all the requirements and controls essential to designing and optimizing a compliant VAT process.
VAT should be considered in every aspect of the process, from concept through completion and beyond.
With indirect taxes intertwining through the day- to-day operations of a company—raising sales invoices, moving inventory, paying suppliers, collecting cash—indirect tax risk can have a distinct and domino-like effect on the commerciality of an organization.
More than 80% of businesses are still using spreadsheets to manage their VAT compliance in at least one jurisdiction in which they operate, despite tax authorities around the world investing in better tools.
The SAF-T standard, originally created by the OECD (similar as BEPS), is intended to give tax authorities easy access to the relevant data in an easily readable format for both corporate income tax as VAT.
What if there are glitches in your data, input errors, empty fields, awkward descriptions in fields or apparent inconsistencies?