HCC Middle East helped Bank Al Jazira implement VAT within a challenging 75 day timeframe, ensuring full compliance before the KSA VAT deadline.
In October 2017, Bank Al Jazira approached HCC Middle East for a partner with deep knowledge of taxation systems and technology, to implement VAT within the bank's core systems. Leveraging Crowe's 75+ years of experience in audit, taxation, risk advisory, compliance and technology, HCC was chosen for its team of technology specialists with chartered accountancy backgrounds. The challenge was to bring in tax specialists from an evolved tax regime country along with technology experts, and implement VAT policies within BAJ's systems in just 75 days, before the December 31, 2017 deadline.
A 10 member team, led by tax and technology experts, was placed onsite at BAJ's Jeddah office starting October 15, 2017. The team began with detailed sessions with senior leadership and stakeholders. Given BAJ's complex technology landscape, built on an Oracle core with 16 embedded solutions, HCC ran extensive studies on the existing systems to understand key touchpoints, while the tax team conducted in depth research on GAZT and maintained close liaison with SAMA for policy insights.
HCC completed the project ahead of the December 31, 2017 VAT deadline and continued supporting BAJ through a dedicated support desk covering three financial months of VAT returns, concluding the engagement on March 31, 2018.
HCC delivered VAT implication reports, VAT compliance and implementation manuals, and reports on accounting framework changes linked to VAT reporting templates and models. The team ensured accurate configuration of procedures across core banking and support systems, trained business owners with dedicated training materials for BAJ's inhouse VAT team, and set up an onsite VAT help desk for ongoing implementation support.
"With the introduction of VAT in KSA, HCC provided Bank Al Jazira a well manned team of experts on site in a short space of time. The team supported the Bank in implementing a fast evolving set of rules within a challenging timeframe. The successful implementation could not have happened without the HCC team and management."
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