The country’s proposition as a tax-free haven has changed. Apart from the software launch, what role does Tally Solutions play to ease the change?

Tally Solutions was started in 1986 and we have qualified experience in this business for more than 30 years. Being one of the leaders in statutory compliance, we understand the requirement to implement a solution that satisfies the VAT scenario for all business enterprises. First, we conducted a lot of pre-VAT sessions for business owners who could not afford to extract that form of quick expertise. We carried out more than 500 VAT sessions for nearly 8,000 businesses in order to build a foundation and bring exposure in the right way. In addition, we also have live webinar sessions for people who are not able to travel to other locations. The webinars allow them to attend sessions and gain better insight. The contents of these sessions are available at zero cost on our website, YouTube and social media. The registration for a session is quite simple on the website. Our intent is to keep all channels open for people to understand general information on VAT and how Tally can help in compliance. Businesses can also contact us on the toll-free number 800 82559 for any queries.

When was the VAT accounting software Tally.ERP 9 Release 6 launched?

We launched the software in mid-December before VAT was implemented. This gave our existing customers sufficient time to migrate to a VAT enabled software, and allowed new businesses to adopt the software. Most of our customers were able to generate VAT invoices on January 1. The latest release, Tally.ERP 9 Release 6.4 targets to simplify VAT filing and make the entire process easier and more effective. While they will be able to define tax return as specified by the Federal Tax Authority (FTA), the latest version will also allow a “tax computation analysis,” which offer businesses a complete overview of all transactions and taxes before generating the return. The VAT tax computation and analysis report available from the software, identifies transactions which have been included or excluded in the return, the total amount of tax to be paid and refundable amount if paid in excess, eliminating any misses or discrepancies.

VAT is a new complex system for businesses of all kinds in the UAE. Can you give us an example on the working mechanism of the software?

The current version Tally.ERP 9 Release 6.4 is totally complaint with the VAT regulation defined by the Federal Tax Authority (FTA) in the UAE and by The General Authority of Zakat and Tax (GAZT) KSA. So far, we have incorporated all the requirements. One of the key strengths of the software is its simplicity. It can be seamlessly implemented for total accounting and business management solution, across different industries. For example, businesses using the software can continue with their business operations such as purchase and sale, and all the VAT complexities will be managed by the software. Concerns such as the technicalities of statutory compliance are completely wiped out and the configurations are in sync with the regulations to generate reports.

About Vikas Panchal:

Vikas Panchal heads business development and operations for Tally Solutions Pvt. Ltd in the Middle East. He completed his MBA and did a Management Program from Indian Institute of Management, Ahmedabad. He holds 20 years of comprehensive experience in channel development and direct sales in IT Industry. Prior to working with Tally Solutions, Vikas held key positions at Sify Limited (Leading Broadband Company) and SSI Limited. Vikas has been associated with Tally for almost 10 years, and deeply understands the company’s vision and goals. Currently as the BD and Operations Head for Middle East, he is largely responsible for building and leading MENA Strategy to achieve Tally’s dominance in the region. He prepares the company’s annual strategy and ensures its effective execution. Building a stronger distribution network, working in sync with the country leads to achieve a wider dominance in countries of operations through channel expansion and development, are some of the core areas he oversees. He is closely working with influencers (CA’s and CPA’s) to monitor industry developments and influence those developments to support overall goals for all.

To read the entire interview, do read the upcoming issue of International Finance