Invenio Enterprise Options has introduced the profitable launch of the implementation of the brand new VAT system for the Nationwide Bureau of Income (NBR) within the Kingdom of Bahrain. The mission was launched on 30th from Could and was delivered in a report time of just below six months.
BNR is chargeable for the administration, monitoring and assortment of VAT and associated excise duties and penalties by imposing the legal guidelines, guidelines and rules relevant within the Kingdom of Bahrain.
To allow the implementation of VAT, the Ministry of Finance and Nationwide Financial system sought to implement a strong, complete and built-in IT platform to fulfill the present and future VAT necessities for the Kingdom of Bahrain. After a aggressive bidding course of, Invenio was chosen to work on the greenfield mission.
Arun Bala, CEO of Invenio commented: “I’m delighted that Invenio has efficiently delivered a completely purposeful VAT system for the Kingdom of Bahrain inside such a brief timeframe. Our give attention to making certain the success of our shoppers mixed with our deep experience in VAT and income administration had been the important thing causes for the success of the mission.”
The mission had a complete time interval of 12 months, divided into 4 phases. The primary two phases consisted of VAT payer registration and registration, submitting returns, refunds, accounting, funds and collections and had been nearly accomplished in lower than six months.
Invenio collaborated with the NBR to implement probably the most complete COTS answer for tax authorities – the SAP Tax & Income Administration (SAP TRM) fiscal platform.
Rana Faqihi, Interim CEO of BNR “We’re delighted to work with Invenio, which has contributed with the Info & eGovernment Authority (iGA) to the implementation of the VAT system for the BNR to fulfill all of the Authority’s necessities concerning utilized requirements. by the Kingdom of Bahrain”.
The primary answer that was applied was the core SAP S/4HANA tax administration answer, which will likely be utilized by VAT officers to manage and handle VAT income within the Kingdom of Bahrain. The SAP TRM platform additionally contains on-line VAT payer providers based mostly on Multi-channel basis, integration platform utilizing SAP Course of Orchestration, Doc Administration System and SAP Resolution Supervisor, all now hosted on AWS non-public cloud.
The brand new VAT system will give the VAT payer the chance to register on-line with the VAT authority, submit VAT returns and refund claims on-line and pay VAT taxes by the cost gateway. Then again, VAT officers will be capable to overview and approve the VAT payer’s registration, entry VAT returns, audit the VAT payer and carry out assortment administration features.