Announces new ePROMIS ERP Edition and a VAT upgrade program for earlier ePROMIS ERP editions
The launch of VAT-enabled ERP products and services was held at ePROMIS’ Middle East and Africa head office in Dubai on Monday. This year the company will be giving a particular emphasis to VAT-related services, including an upgrade program for earlier ePROMIS ERP editions and the launch of a new VAT-enabled ERP Edition for the construction sector.
“Our industry specific ERP solution portfolio is helping businesses improve productivity, maximize profits and increase visibility. And with the VAT deadline fast approaching, our incoming inquiries have increased by 50 to 60 percent this year; the vast majority inquiries are from construction-related businesses,” said Joe Joseph, Director of Sales and Marketing at ePROMIS.
According to Neeraja Kalyanasundaram, Senior Tax Consultant at ePROMIS MEA, to be VAT-compliant is a complex process and would require a well-planned and competent software execution. Any non-compliancy with VAT may attract high penalties and other legal issues.
“People are curious to know how the VAT will impact construction businesses and especially construction contracts. The volume and values of transactions in the construction sector are often very high; the forthcoming 5 percent tax will result in an overall increase in construction costs.”
She further claimed that their VAT programs ensure a transparent approach for construction companies to calculate the rate of tax, identify procedures, maintain and improve current accounting systems, and knowledge transfer to help companies guarantee VAT compliance.
ePROMIS is a Houston-based ERP software company with operations across the globe. 70 percent of ePROMIS ERP customers are from construction and engineering industry, and the company hopes the VAT implementation will help increase its sales and market share in the GCC member countries.