International Electro-Mechanical Services Co (IEMSC) has signed a software contract with ePROMIS MEA for consultation and implementation of VAT functionalities of its Enterprise Resource Planning software platform.
IEMSC along with its associate companies Antelec Limited & AEPL has executed projects in the United Arab Emirates, India, Oman, Iraq, Libya, Jordan, Mauritius, Yemen and Sri Lanka.
IEMSC is using ePROMIS ERP software since 2005. According to H. K. Wadia, the Finance Head of IEMSC ePROMIS ERP is an effective framework for growth, and it is supporting data-driven decision making.
ePROMIS MEA is currently progressing with the VAT incorporation programme at IEMSC; the implementation process started with impact analysis, followed by solution development, testing, and implementation.
Wadia said: “What was once a complicated process now is a simple one with ePROMIS. Our long and successful association with ePROMIS gives us the confidence that the ongoing VAT incorporation program will help us stay VAT compliant and manage finances easily.”
UAE businesses have to display the VAT applicable separately on every invoice from 1 January, 2018.
“Penalties are an integral part of any legislation for non-compliance with VAT laws, and there are several factors to be considered by businesses while adopting VAT landscape,” said Preeth Thomas, senior program manager at ePROMIS MEA.
“VAT registration, Maintenance of VAT compliant documents, Reverse charge mechanism, Filing for returns, and Claiming input tax credit are various stages present in a VAT compliant transaction. In addition to that, companies must retain financial and accounting records for at least five years in order to remain compliant.” Thomas added.
International Electro-Mechanical Services Co. L.L.C. (IEMSC) a regional leader in electro-mechanical services including electrical building services, HVAC (heating, ventilation & air conditioning), plumbing and firefighting systems