Leading banks in Oman go live with SunTec’s GCC VAT Solution

By Leandra Monteiro

India-based SunTec Business Solutions, a relationship-based pricing and billing company, announced a major milestone in Oman, with six of the 10 local banks in the country going live with SunTec’s GCC VAT Compliance Solution. Oman implemented a nationwide VAT regime on April 16, 2021, in line with the transition to VAT across all GCC countries.

Despite a short notice for implementation, SunTec’s client banks in Oman were able to execute full VAT compliance well before the deadline by capitalizing on SunTec’s uniquely designed solution that integrates easily and sits as an overlay on top of banks’ complex IT systems.

SunTec’s Indirect Taxation Solution is used by more than 50 banks and financial services providers in the Middle East and India for VAT or GST compliance with 30 customers in the GCC region alone. Nearly one billion transactions are processed annually through SunTec’s GCC VAT compliance solution.

Nanda Kumar, CEO and Founder at SunTec said, “We are glad to recognize that a number of leading banks in the GCC region are choosing SunTec as their preferred technology partner for full-scale VAT compliance. This is an endorsement of our world-class Xelerate platform, which is designed from ground up to help banks digitalize and elevate their customer experiences with minimal efforts and changes to their core infrastructure.”

Amit Dua, President – Client Facing Groups at SunTec said, “It is a matter of pride that six leading banks in Oman chose us as their technology partner for VAT compliance. This overwhelming adoption of our product not only underscores our market understanding but also the robustness of our pre-configured product that seamlessly integrates with the bank’s systems despite them running complex IT landscapes and by fully accommodating their local, region-wide needs.”

SunTec’s GCC VAT Compliance Solution is designed to meet the needs of banks and financial services firms in automating the entire VAT compliance process, including centralized rule-based tax determination, input tax recovery, tax invoice, reconciliation, corrections, adjustments, statements, and regulatory reporting. The solution can easily integrate with existing IT systems and is further designed to process all taxable transactions across business lines and applications with reduced cost of compliance. It also helps mitigate potential risks of compliance violations, penalties, and loss of reputation.