Tally ERP 9 is one of the business accounting software and VAT compliance solution for your business organization in GCC. Tally ERP 9 is a product that retains its original simplicity that offers comprehensive business functionalities such as Accounting, Finance, Inventory, Invoices, Sales, Purchase, Point of Sales, Manufacturing, Cost centers, Profit Centers, Payroll management along with compliance capabilities for GCC VAT.
The Gulf Cooperation Council (GCC) announced the introduction of a new tax system for VAT-Value Added VAT in all member countries such as the United Arab Emirates (UAE), Bahrain Kingdom, Kingdom of Saudi Arabia (KSA), Sultanate of Oman, State of Qatar and State of Kuwait. Since the date of the announcement, there has been an increase in demand for companies in these countries to be well prepared to understand the tax issue and to have certain business practices to change.
“Tax” means a fee or a sum paid by a person or business organization. Corporate Tax: Taxes paid for profits or earnings of a business entity. Income Tax: Income tax is collected from the income of a person earned. Sales Tax: This is the Tax collected by the government on all the sale of goods. Excise Duty: This Tax is collected by the government on the production of the goods. Service Tax: Service tax is collected on the rendering of all the services.
Governments provide citizens and residents with a range of public services, such as health service, roads, public schools, parks and police services, which are provided by the Government budget. Taxation will help to add a new source of income that will help to provide high-quality public services. This will also partly help the Government reduce the dependence of income on oil and other hydrocarbon natural resources.
For more information about GCC VAT and Tally software services, please visit our website at http://manalpro.com/tally/vat-returns-vat-payable/ or contact our technical experts at 00966-583117703.
