About Saudi Telecom Company
Saudi Telecom Company (STC) is a leading telecommunications company in the Middle East, operating from headquarters in Riyadh, Saudi Arabia.
It provides landline, mobile and internet services to customers and is focused on innovation and evolution. It strives to stay ahead of the competition by offering a range of pioneering solutions and is recognised for its role in Saudi Arabia’s digital transformation.
Although operating chiefly within Saudi Arabia, STC is a truly multinational communications firm with subsidiaries around the world; all of which are subject to a plethora of differing VAT requirements.
In 2018, it was revealed that Bahrain would become the latest GCC member state – after Saudi Arabia and the UAE – to adopt a national VAT system. VAT would go live in Bahrain on 1st January 2019; meaning it was imperative for STC to act quickly to implement a solution that would allow it to accurately determine tax in accordance with the country’s new rates, rules and regulations.
STC was already an Innovate customer, having initially implemented our industry-leading tax determination and reporting solution for Saudia Arabia. It was therefore aware of our ability to assist with business-critical upgrades to its tax automation platform.
What did we do?
Having already implemented Saudi Arabia VAT in 2018, using our solution to process tax transactions incurred in the country quickly and accurately, STC was primed for the adoption of Bahrain VAT. When Bahrain’s VAT system was announced, STC was aware of our ability to assist with upgrades to its automated tax setup.
The telecommunications provider instructed us to begin work on its solution to meet.
Similar to fellow major Middle East business Bapco, STC was able to avail of our agile technology and functional support experts to bring about the required changes. We implemented the tax logic relevant to the new Bahraini regime.
As an existing client, STC had ultimate confidence in our ability as a tax technology partner and our unwavering dedication to supporting the businesses we work with.
What were the results?
Our RapidInstall™ solution enabled the addition of Bahrain VAT tax logic to STC’s automated determination setup within a matter of days. When deadlines loom and the penalties for non-compliance can be severe, every moment saved is precious.
By implementing our solution, STC was able to manage its VAT liabilities in Bahrain with:
- Complete accuracy in every transaction; our solution determines the correct tax, rate and rule in every transaction.
- Minimal human input. Instead of relying on people to complete the entire process at tremendous expense and time, the STC team is only required to oversee the technology.
- Zero risk of non-compliance, providing complete peace of mind.
- Rollout of multiple country-specific VAT regimes
- Implementation of new Bahrain VAT system in 2019
- Automation of VAT to ensure optimum accuracy and operational efficiency