Dubai
A strategic collaboration between Thomson Reuters, a global leader in tax technology solutions delivered through its ONESOURCE portfolio, and Path Solutions, a provider of intelligent software solutions to Islamic banks and financial institutions, has resulted in a GCC-specific centralized VAT solution that stands to transform efficiencies for the region’s fast-developing financial sector.
The innovative system is a first, and will enable institutions and corporations to streamline data, automate processes and ensure accuracy in tax flows, as the region’s VAT and tax regulatory landscape evolves.
By combining the power of Thomson Reuters’ ONESOURCE best-in-class indirect tax solution certified by the UAE Federal Tax Authority, and Path Solutions’ Shariah-compliant iMAL Islamic Core Banking Platform, this strategic partnership —pioneering in the GCC market — offers banks and financial institutions the tools to deliver innovative and frictionless financial services and achieve seamless VAT management and compliance supported by globally-trusted tax content.
iMAL gives its clients the technology to meet the soundest Shariah and regulatory requirements, and to scale their businesses while also delivering personalised customer experience.
Corporations in the banking and financial services sector now have an opportunity to solve their most pressing challenges, remain competitive in a fast-changing environment, minimize manual effort and risk, and bring their VAT processes in line with international best practice.—SG
