Oman’s Ahli Bank is partnering with relationship-based pricing and billing company SunTec based on its GCC VAT compliance solution. SunTec said nearly 3 billion transactions are processed every year through this solution. With Ahli Bank, SunTec now has 26 customers in the GCC region and 24 in India. Oman is likely to introduce VAT this year and Ahli Bank has taken the proactive step of adopting a VAT compliance solution to ensure operational efficiency, enhance revenue, and augment customer experience. Amit Dua, President – Client Facing Groups at SunTec said with SunTec’s Xelerate Platform and GCC VAT compliance solution, Ahli Bank can digitize the entire VAT compliance process with an absolute minimum number of changes to its existing technology infrastructure. Ahli Bank will now be able to comply with GCC VAT regulations and manage potential regulatory changes with ease. The end-to-end solution is based on SunTec’s Xelerate platform and helps automate the entire VAT compliance process, including centralized rule-based tax determination, input tax recovery, tax invoice, reconciliation, corrections, adjustments, statements and regulatory reporting. SunTec has also implemented its VAT compliance solution across the Kotak Group including Kotak Mahindra Bank in India.
