Retail
Cloud Based
ERP Solutions
Identified
as a faster
approach
to VAT
Compliance
VAT in GCC, a
Driver for Digital
Transformation:
New Oracle and
Harvard Business
Research study
reveals
7
3 percent of surveyed
businesses consider VAT
deployment as a tipping
point to the Cloud.
An Oracle and Harvard
Business Review (HBR)
study predicts that the
soon-to-be implemented
Valued Added Tax (VAT) in
Gulf Cooperation Council
(GCC) countries is expected
to initiate a massive wave
of digital transformation
as businesses prepare to
ensure compliance with the
new tax law.
The study that is based on a poll of 450 senior
company executives from across GCC reveals
that 73 percent of businesses consider VAT
implementation as a key opportunity to initiate
wider digital transformation projects within
their organization. With businesses required
to automate their processes to ensure that
transactions are captured flawlessly for VAT
compliance, 66 percent of respondents also said
that they would consider transitioning their
business processes from on-premises systems to
the cloud if major cost savings can be identified.
“Cloud adoption across GCC countries is growing
at a rapid pace and becoming mainstream