Technology
across GCC. While 21
percent of respondents
confirmed that
they have initiated
preparations to be VAT
compliant; 30 percent
indicated that they
currently have limited
information on VAT. “With just a few months until VAT goes live,
many companies urgently need to change their
business processes, IT systems, and scale up
their workforce,” said Aarti Mohan, ERP and
EPM application strategy leader, Oracle. “Our
advice to all businesses is to start now with a 360
assessment across the business to evaluate the
potential impact and transformation needs to
quickly become VAT-compliant.”
In addition, 47 percent
of respondents said
that they are awaiting
further guidance from
local governments
before initiating
their VAT compliance
project. Methodology:
Oracle polled 450 senior executives from across
the GCC countries from June-July 2017 to analyze
the impact of VAT implementation on the regions’
Information and Communications Technology
(ICT) landscape.
Furthermore, when
asked about the
biggest obstacles on
their journey to be
VAT-compliant, 68
percent of respondents
said that managing
business process
changes would be a
key challenge. And 38
percent of respondents
cited a lack of qualified
internal tax experts
and another 35
percent were found
to be uncertain about
the changes that
a new technology
implementation would
bring.
40
September 2017
Technology
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