Oracle NetSuite, one of the world´s leading providers of cloud-based financials / ERP, HR, Professional Services Automation (PSA) and omnichannel commerce software suites, has announced the expansion of operations in the Middle East to meet the increasing demand for cloud ERP in the market, the company said.
With the support of Oracle´s global resources, NetSuite added a dedicated sales team with new leadership; new solution provider partners to strengthen its existing partner ecosystem; and increased customer adoption of NetSuite OneWorld. Additionally, NetSuite will offer support for the new Unified Value Added Tax (VAT) Agreement, set to take effect for Saudi Arabia and the United Arab Emirates (UAE) next year with more Gulf Cooperation Council (GCC) countries expected to follow.
With the Unified Value Added Tax (VAT) Agreement signed by the Gulf Cooperation Council (GCC) countries set to go into effect in the UAE and Saudi Arabia January 1, 2018, with other countries in the region expected to follow, NetSuite will build support for the new changes directly into the system.
The VAT will impact every part of the business, including cash flow, pricing of products and services, financial reporting, tax accounting and reporting and, of course, technology. NetSuite already has a highly flexible in-house tax engine that supports over 110 countries for VAT, both rules and reporting, creating a solid foundation on which to build out functionality specific to the GCC VAT.
Tax codes for the standard rate, zero rates, reverse charges, as well as VAT on imports, will all be part of NetSuite´s International Tax Reporting SuiteApp. Existing customers will enjoy full business systems compliance with new changes in the value-added tax (VAT) rate without having to lift a finger. NetSuite´s cloud computing model and the flexible, powerful NetSuite Tax Engine inside NetSuite´s financial software ensure that NetSuite customers immediately benefit from this update.
Oracle NetSuite pioneered the Cloud Computing revolution in 1998, establishing the world´s first company dedicated to delivering business applications over the internet. Today, it provides a suite of cloud-based financials / Enterprise Resource Planning (ERP), HR and omnichannel commerce software that runs the business of companies in more than 100 countries. For more information, visit http://www.netsuite.com.
The Oracle Cloud offers complete SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia. For more information about Oracle (NYSE: ORCL), visit oracle.com.