Invenio Signs Agreement with Department of Zakat & Income Tax, Saudi Arabia for Implementation & Support of SAP Tax and Revenue Management System

RIYADH, SAUDI ARABIA – 18 August 2014. Invenio today announced signing of an important agreement with the Department of ZAKAT and Income Tax (DZIT) in Riyadh to develop and modernise their automation systems for Zakat and Tax Automation System (ZTAS). This agreement was signed on behalf of the Department of Zakat and Income Tax by Deputy Director General for Supporting Operations, Saleh Al-Awaji and Invenio’s Managing Director, Partho Bhattacharya. Saleh Al-Awaji explained (translated): “The importance of this agreement, is to bring state-of-the-art technology by implementing SAP Tax and Revenue Management (TRM) system.

This development and modernisation project, awarded to Invenio Business Solutions seeks to keep DZIT up-to-date with the latest and best applications used in the field. Noting that the agreement is of great importance and will provide DZIT a quantum leap in eGovernment services. This will facilitate the whole of the taxpayer’s process with DZIT through an electronic portal while ensuring a smooth integration with various governmental entities for exchanging relevant taxation data. In addition to the multiple benefits, the new system will process revenue verification functions and will raise the commitment of taxpayers and reduce the risk of delays in the payment of Zakat and tax incl. the avoidance and fraud in general.”

DZIT_ParthoPartho Bhattacharya concluded: “Invenio is greatly privileged and grateful to be awarded this important work to modernise Saudi Arabia’s Zakat & Income Tax systems. The new system will provide the Kingdom of Saudi Arabia an ability to deploy appropriate Zakat & tax management flexibly as the economy develops further to other key focused developmental areas of the Kingdom and collaborate with other Government agencies and other developed economies’ tax agencies. Invenio will provide the world’s most popular German business system SAP and the best of British consulting skills collaboratively with DZIT to achieve a successful business transformation.We do expect this new modern system will be an ideal example for other GCC countries to follow.”

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Media Contact: Kofo Are +44(0)330 440 1800

kofo.are@invenio-solutions.com