Link September Issue SEP 2017 fin - Page 39

Retail Cloud Based ERP Solutions Identified as a faster approach to VAT Compliance VAT in GCC, a Driver for Digital Transformation: New Oracle and Harvard Business Research study reveals 7 3 percent of surveyed businesses consider VAT deployment as a tipping point to the Cloud. An Oracle and Harvard Business Review (HBR) study predicts that the soon-to-be implemented Valued Added Tax (VAT) in Gulf Cooperation Council (GCC) countries is expected to initiate a massive wave of digital transformation as businesses prepare to ensure compliance with the new tax law. The study that is based on a poll of 450 senior company executives from across GCC reveals that 73 percent of businesses consider VAT implementation as a key opportunity to initiate wider digital transformation projects within their organization. With businesses required to automate their processes to ensure that transactions are captured flawlessly for VAT compliance, 66 percent of respondents also said that they would consider transitioning their business processes from on-premises systems to the cloud if major cost savings can be identified. “Cloud adoption across GCC countries is growing at a rapid pace and becoming mainstream