Invenio completes first phase of a three year project to increase revenue, interconnect various government agencies, reduce fraud and provide greater visibility for the Department of ZAKAT and Income Tax, Saudi Arabia
IQ Winnersh, READING, UK – 22nd of March 2016 – Invenio today announced successful implementation of SAP’s Tax and Revenue Management solution for the Department of ZAKAT and Income Tax (DZIT), Saudi Arabia. The three year project, began in 2014 to develop and modernise its automation systems for Zakat and Tax Automation System (ZTAS).
Following a comprehensive selection process, DZIT chose Invenio to lead the implementation, over BULL SAS and Oracle Inc. due to its proven SAP expertise, project execution methodology and attitude to working. Invenio committed to an aggressive project plan to ensure the complex implementation of the solution was delivered within budget so DZIT can start deriving return on investment.
Now that the system is live across the nation’s Tax and Zakat payer base, DZIT will be able to collect and manage taxes more efficiently, and with greater visibility. As a result DZIT has already prevented a number of fraud cases that would historically have been unidentified. The new system is also enabled online for mobile users to manage their tax affairs from any device.
Partho Bhattacharya, Managing Director, Invenio Solutions commented: “We are delighted to have successfully implemented SAP Tax Revenue and Management to help DZIT deploy appropriate Zakat and tax management flexibly across the Kingdom of Saudi Arabia. While still in the early days of go live, the ROI already being received proves the importance of modernising infrastructure to gain greater visibility and ultimately increase revenue. This is an example of successful deployment of British skills in the world stage.”
Looking forward, Invenio is in the process of implementing, Fraud Management and Predictive Analysis on SAP HANA to further prevent fraud by introducing deeper validations and better understand past behaviours and trends to provide more reliable identification of suspicious cases in the future.
Invenio Business Solutions is an award-winning Business System Provider, head quartered in Reading, UK. The company supports 45 customers in the government, media and manufacturing segments, in areas that include industry-specific enterprise resource planning (ERP), tax and revenue management, business intelligence, big data, mobility, CRM and integration solutions. Formed in 2006, the company has subsidiary offices in India, Germany, Mauritius, Saudi Arabia, Dubai and the U.S.A. Throughout its history, Invenio has grown rapidly, organically and profitably. Invenio is a constituent of The Sunday Times Tech Track 100 for 2012, 2013 and 2014. Invenio is a SAP Gold partner and recipient of numerous awards from SAP including EMEA Regional Partner Excellence Award 2014 in the category “Database & Technology” for its work with SAP HANA®. Invenio is also accredited for SAP’s global partner quality program. For more information visit: http://invenio-solutions.com
The Department of Zakat and Income Tax (DZIT) was established per Ministerial Resolution no. 394, dated 7/8/1370 H. (14/06/1951). The mission of DZIT is briefly to administer and collect zakat on commercial goods from Saudi individuals and companies and from individuals and companies of GCC states subject to the same treatment like Saudis, and to administer and collect tax from non-Saudi individuals doing business in the Kingdom, resident Saudi companies on shares of non-Saudi partners, and non-resident companies doing business in the Kingdom through a permanent establishment or deriving income from a source in the Kingdom.
The Head-office of DZIT is in Riyadh. There are ten field-offices that report to the Head-office; the field-offices are located in Riyadh, Jeddah, Dammam, Makkah, Madinah, Taif, Qassim, Abha, Tabuk and Al-Ihsa. In addition, there are sections in the Financial Offices to collect zakat and tax in regions and districts with no DZIT field-offices.
Kofo Are, Head of Marketing
125, Wharfedale Road, IQ Winnersh
UK manufacturers must take note of the focus on innovation following Sturgeon’s announcement
Following the news that Nicola Sturgeon has committed to a centre of excellence for manufacturing in Scotland, manufacturers in the UK as a whole should take note of the focus on technology and innovation to increase growth and narrow the current skills gap.
Partho Bhattacharya, MD and President of Invenio, has commented on the importance of addressing new technologies to get ahead in manufacturing:
“With recent data from the Office for National Statistics having shown that UK industrial output suffered its sharpest monthly drop in three years, manufacturers need to constantly evolve operations to achieve growth. Nicola Sturgeon’s commitment to launching a manufacturing centre of excellence in Scotland is a great way to drive innovation and address the skills gap currently affecting the sector.
“In an increasingly volatile climate, manufacturing companies who do not utilise the advice and technology available to modernise operations will quickly fall behind. It is therefore reassuring to see that the Scottish Government is implementing a strategy for the manufacturing sector which focuses on working with companies to assess the benefits of new technologies, and encourage their take-up.
“Whilst this initiative is focussed on Scotland, manufacturers across the UK should always seek to achieve constant innovation, whether that’s driven internally or through partnering with third party experts. Whilst it’s not possible for centres of excellence to be launched everywhere in the UK, with the right knowledge and advice, expert partners can help manufacturers to utilise technology to drive efficiency and growth.”
To read the full article, please visit: http://www.manufacturingglobal.com/peopleskills/677/UK-manufacturers-must-take-note-of-the-focus-on-innovation-following-Sturgeons-announcement
Kofo Are, Head of Marketing
125, Wharfedale Road, IQ Winnersh
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