Monday 13, November 2017 by Jessica Combes

Mighty Systems takes tax automation to new heights with software solution

 

Mighty Systems, a leading enterprise software solutions provider for the financial, commercial and real estate industries, has created a new era for tax automation by offering the OneVAT software solution for the GCC.

The software is an innovative and comprehensive solution to handle and comply with the new GCC tax regime. It is a stand-alone application different from current accounting, ERP, Point of Sale or Billing Systems and capable of storing and updating tax rates, rules and regulations published by the tax authorities.

“At Mighty Systems, we clearly understand the challenges of companies from our experience and insights of the market. It’s all about simplifying life for the clients and offering a complete solution to deliver their needs; a solution that is flexible and can adapt as the environment evolves and changes. The OneVAT application is particular and customised to the GCC market. Unique amongst tax solutions, OneVAT was developed by our in-house development team based in the UAE and drew from our vast experience of serving the financial and commercial community in the GCC. Drawing on twenty years of experience and a development team of over 30 software engineers, we are able to support all types of businesses and industries and enable a full integration into existing financial systems,” said Basil Salah, Managing Director of Mighty Systems.

OneVAT is Mighty System’s software solution to manage VAT compliance, which is effective from 1 January 2018 in the UAE and Saudi Arabia. OneVAT takes the user from the determination of the VAT rates through the e-Filing process by employing a simple process. Businesses that have large transaction volumes, belong to a VAT group, and have cross border transactions will benefit from employing OneVAT. Accountants and tax consultants can use OneVAT as a tool to perform the tax compliance of their clients.

Many businesses have not come to grips with the challenges and complexities faced by the new and evolving VAT taxation regime in the GCC. Likewise, many of the solutions do not adequately tackle the needs of their business clients. OneVAT, however, was developed drawing upon the experiences of other VAT jurisdictions. It is a centralised tax engine that determines VAT rates, validates VAT returns from the existing financial system, reconciles payables and receivables within the business and between companies in a tax group, archives and manages the records, and prepares the returns for e-Filing; one complete system. This is crucial given that businesses can be audited and potentially fined for violations, errors and improper record keeping.