Automation for
Collections & Remittance.
Automate Your Tax collections and remittance End-To-End From Transaction To Payment.
Automation for
Automate Your Tax collections and remittance End-To-End From Transaction To Payment.
Our automation platform's aim is always to takcle the challenges of Business to Business transactions as quickly as possible and use iterative software development approach to fulfil a compliant tax remittance schedule for tax payers
The Automated VAT Platform (VATrac™) is an initiative of the Federal InlandRevenue Service (FIRS) designed to handle and manage entire life-cycle of VATcollection and remittance in the Wholesale/Retail sector, specifically covering:Branded Shops, Super Stores, General Supermarkets, Standard Restaurantsand Eateries nationwide. It is provided to streamline and facilitate your “ease ofdoing business” with the FIRS.
To further simplify tax administration and lessen VAT compliance burdens formerchants, the Form 002 has been embedded in the solution, making VAT returnsfiling seamless, efficient and automatic. In addition, as part of the efforts to easeremittance of VAT payable, the platform has been integrated with a Direct DebitPayment System.
As part of the automation process, merchants are required to pre-register on the VATrac platform for identification and verification purposes. This also includes registration of all branches where applicable. Please follow the simple steps below to register.
To have a handshake with our robost system, we have deployed our automation system to suite exactly how you operate your business, you either chose to onboard with our VFDBox model or do it as a prof with our API documentation which is still easy to consume.
In line with requirements of the VAT platform, merchants should kindly note that they will be required to complete and sign a direct debit mandate form which is to be returned to the FIRS to authorise and facilitate remittance of their monthly VAT payable.
Tax remittance automation in Value Added Tax (VAT) involves streamlining the process of calculating, reporting, and remitting VAT payments to tax authorities using automated systems and technologies. This automation aims to improve accuracy, efficiency, and compliance while reducing manual errors and administrative burdens for businesses.
VAT automation refers to the use of software and technology to streamline the process of calculating, reporting, and remitting Value Added Tax (VAT) payments to tax authorities. It involves automating tasks such as invoice processing, tax calculations, reporting, and compliance monitoring.
VAT automation is important for businesses to improve efficiency, accuracy, and compliance with tax regulations. It helps reduce manual errors, streamline workflows, and ensure timely and accurate VAT reporting and payments.
Some benefits of VAT automation include:
- Increased accuracy in VAT calculations and reporting.
- Improved efficiency by eliminating manual tasks and reducing processing time.
- Enhanced compliance with tax regulations and reduced risk of penalties.
- Real-time visibility into VAT liabilities and financial data.
- Cost savings through reduced administrative overhead and manual labor.
VAT automation works by integrating software solutions with existing accounting, ERP, and e-commerce systems to automate tasks such as invoice processing, tax calculations, reporting, and compliance monitoring. These solutions use algorithms, rules engines, and data analytics to perform complex calculations and generate reports.
We recently implemented VAT automation solutions provided by [Company Name], and we couldn't be more satisfied with the results. The transition to automated VAT processes has significantly improved our efficiency, accuracy, and overall compliance with tax regulations.
One of the key benefits we've experienced is the reduction in manual errors and time-consuming tasks associated with VAT calculations and reporting. The automation software seamlessly integrates with our existing systems, allowing for smooth data flow and real-time visibility into our VAT liabilities.
The ability to generate VAT reports and filings quickly and accurately has been instrumental in streamlining our tax compliance efforts. With automated workflows and customizable features, we have greater control over our VAT processes and can adapt to changes in tax regulations with ease.
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