Invenio offers effective change management and seamless tax implementations

0
544
Invenio offers effective change management and seamless tax implementations
Invenio offers effective change management and seamless tax implementations
Spread the love

 

Global tax policies have evolved rapidly in recent years leading to the continuous process of implementation, especially in the Gulf Cooperation Council (GCC). Policy changes like these have highlighted a need for more integrated tax administrations as managing modifications can be complicated due to governance and approval processes. This directly fuels the need for an effective change management programme, especially for countries (and companies) in the middle east. Invenio, the GCC’s leading tax technology transformation partner and a global leader in solving business challenges, offers effective change management programmes to help modernise a state’s administration and accelerate taxpayer compliance, but also to increase function agility — the ability to quickly adjust to evolving tax laws, regulations, operations and processes.

RELATED: Top Six Recommendations for Businesses on How to Maximize Savings

External ministries, banks and other third parties also need to be engaged and involved to identify, analyse, and determine opportunities to create conducive processes and enable a collaborative workflow. This engagement plays a crucial role in bringing about a smooth transition while providing end-to-end transparency throughout the project. Keeping these requirements in mind, Invenio understands that the scope of the project and any potential changes must be adequately assessed and managed, from conception to completion.

RELATED: 5 Simple Ideas to Overcome Small Business Struggles

To maximise value from the new tax solution, continuous business improvement needs to be woven into the IT transformation strategy. The change control function should consider legislative and regulatory changes as well as risk management to ensure comprehensive compliance and effective risk mitigation. The level of collaboration and foresight required can often be underestimated during change management in tax administrations, leading to unwanted issues, delays, and costs which, in hindsight, could have been avoided.

RELATED: Empowering your Business through Inventory Management Reports

Invenio’s SAP Tax & Revenue Management (TRM) experts have helped The Ministry of Finance and National Economy in the Kingdom of Bahrain deliver a modern VAT tax system to help provide VAT payers with the ability to register online, submit returns and request refunds. Additionally, they have enabled VAT officers to approve taxpayer registrations, assess returns and audit taxpayers. Invenio’s comprehensive solutions and experienced consultants are well-equipped to aid change management in tax administration and implementation to boost compliance in the region exponentially.

Please visit: https://www.invenio-solutions.com/

Facebook Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here