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SunTec rolls out e-invoicing package in Saudi Arabia 5 hours ago
Source: SunTec SunTec Business Solutions, the world’s #1 relationship-based pricing and billing company, has announced the launch of its fully pre-configured E-invoicing solution to help banks in the Kingdom of Saudi Arabia (KSA) meet their compliance requirements. The announcement is timely as KSA has mandated businesses to embrace a digital journey with the implementation of e-invoicing. From December 4, 2021, all business entities, including banks and financial institutions in the KSA will have to issue, receive and store invoices electronically to ensure output and input invoices are perfectly matched and reconciled to avoid any fraud.
Oman’s Ahlibank taps SunTec for VAT compliance solution
January 19, 2021
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SunTec, a leading relationship-based pricing and billing company based here, has said that Oman’s Ahlibank has become its 50th customer for its indirect taxation solution. Ahlibank has partnered with SunTec for the latter’s GCC (Gulf Cooperation Council) VAT (value-added tax) compliance solution.
VAT is likely to be introduced in Oman in early 2021 and Ahlibank has taken the proactive step of adopting a VAT compliance solution to ensure operational efficiency, enhance revenue, and augment customer experience, a SunTec spokesman said here.
Indirect taxation solution
The SunTec solution is designed to meet the needs of banks and financial services firms and can easily integrate with existing IT systems. It is designed to also process all taxable transactions across business lines and applications with reduced cost of compliance, and helps mitigate potential risks of compliance violations, penalties