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The introduction of VAT in the UAE and Saudi Arabia have shined a light on the vital role played by IT in being VAT compliant. The digital world of tax compliance is rapidly moving towards its complete visibility in real time, and at a detailed line item level. Being able to complete a VAT return at month end via a standard tax setup of an ERP system report is, in many instances, not sufficient anymore.
EY and Thomson Reuters have collaborated on a paper to explore how businesses should approach automating VAT determination and compliance to build a scalable and sustainable process for the future in the GCC.
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