Reading, UK – 16th of December, 2016 – Invenio Business Solutions announced today, the signing of their newest contract with the Ministry of Economy and Planning in Saudi Arabia. Invenio will be responsible for the implementation of Excise and Value Added Tax to their existing state-of-the-art technology SAP Tax & Revenue Management system at the Department of General Authority of Zakat and Tax (GAZT).
Two years ago, GAZT and Invenio started the implementation of a commercial off-the-shelf SAP based Tax & Revenue Management system. The new solution replaced the legacy system and went live in March this year. Through it, GAZT is now benefiting from a modernised and more effective business process, which supports the organisation with different functionalities. The solution currently helps the successful collection of Zakat, Income Tax, and Withholding Tax. The success of this project was a key factor in their decision to include VAT and Excise tax into the same modernised system. This is possible, because the system is scalable, and it will provide a single view of the taxpayer for all tax types.
The Ministry of Economy and Planning of Saudi Arabia, deployed a consulting firm, which had to evaluate all possible options for the implementation of Excise and VAT. After a six-month period of deliberations, Invenio Business Solutions was appointed as the best company for the project.
Invenio’s Global Head of Public Sectors Sales, Sunil Srivastava, said: “It is a great honour for us to be a part of the Saudi 2030 vision and work with the Government on this critical project for generating Non-Oil Revenue. It also brings with it a huge responsibility to implement the system by the start of 2018.”
Invenio will implement and provide one year of support services once the project is live. The new tax types are expected to generate USD 10 billion of annual tax revenue for the Saudi Government, starting from 2018.
*On the photo are His Excellency Saleh Al-Awaji and Partho Bhattacharya after signing the contract