VAT solutions for the mining industry
Africa is one of the world’s largest exporters of metals and minerals, and as a result, the mining and resources industry is huge and plays a vital part in the development of the economy. The development of the mining and resources industry is considered to be influential in determining the employment as well as the GDP of the country.
Although the mining and resources industry has contributed to growth and employment, in recent years, we have seen external and internal factors hindering the profitability of mining houses as well as stakeholder confidence. Many mining and resources organisations are spread across various locations and struggle with concerted coordination of VAT Management in all regions.
VAT compliance does not have to be a minefield
Mining and resources corporations need efficient systems to consolidate VAT across regions or offices, ensure they are VAT compliant resulting in improved cash flow for profitability. VATSolve is that solution, designed to address specific challenges associated with VAT regulation, complexity and compliance. The VATSolve solution is successfully implementing this service for 4 large mining corporates to increase productivity, drive efficiencies, optimise cash positions and reduce risk.
Here’s how VATSolve assists the mining and resources industry:
VAT Compliance is all about ensuring that the mining corporation’s VAT returns are compliant with the law. Tech intelligence and analytics populate VAT201s with accurate data. VATSolve also automates the VAT analysis and ensures it is aligned with the submissions required by SARS. This gives mining companies the confidence that they are paying the correct VAT.
A mining company will usually operate in more than one region with one head office. The priority is to ensure that there is a strategy and system that establishes an integrated approach across all lines of service, regions and VAT that will deliver a seamless service to mining companies and enhance returns on operations and deliver the real value they need.
Mining organisations may each have their own independent VAT region department but a single VAT registration and one VAT201 submission. VATSolve consolidation assists with a single view of all VAT management and reporting – with consolidation and individual region dashboards. This enables greater visibility and transparency of the organisation as a whole.
The incoordination of VAT systems across mining corporates tend to expose multinational companies to tax risks through errors and inconsistencies. The mining and resources industry being a huge contributor to the economy needs to maintain a healthy cash flow. To optimise cash flow the correct cash position needs to be reported each month.
VATSolve’s Cash Flow Benefit enables organisations to optimise cash flow by ensuring the accurate allocation of input and output VAT to the correct period. Large South African corporates using VATSolve Cash Flow Benefit save between R20 Million to over 150 Million Rand per month.
VATSolve is a complete VAT management solution for SAP that offers the benefit of submitting a single VAT return for multiple entities. It provides finance departments with increased productivity, it drives efficiencies, optimises cash positions and reduces risk. VATSolve, a South African-developed solution designed to address specific challenges associated with VAT regulation, complexity and compliance offers a VAT solution for SAP users that automates and consolidates VAT returns timeously and accurately with increased cash flow and improved business efficiencies. VATSolve is so confident that their solution delivers exceptional service and achieves what it sets out to do, that they offer a try-before-you-buy for qualifying clients.
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