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Sun Facets 2.0, 1st ERP to be accredited by UAE Federal Tax Authority (FTA)

By June 4, 2019 No Comments

We, at SUNTECH BUSINESS SOLUTIONS are happy to announce that SUN FACETS 2.0, our ERP for the Gems and Jewellery has been accredited as the approved provider of VAT-compliant accounting software by UAE Federal Tax Authority (FTA). We are the first one to achieve this honour in Jewellery Sector. In the past 10+years, we have been enabling a smooth transition for 500+ customers to implement the new VAT rules with a lot of amendments in data capturing, voucher printing, label printing and Return file generation etc.

Why FTA approved software is a must-have for your business!

Federal Tax Authority (FTA) is a government organization that framed and implemented the VAT policy in UAE with the help of Financial and Economists and Technical expertise to execute a better implementation of the policy compared to other countries. Along with the recent technological advancements in all the government departments of UAE, FTA ensures an easier and simplified process for Tax Filing for all business owners. FTA went an extra mile to verify the software that adheres to the VAT compliance and approved the same, to ensure that businesses can generate the VAT return file independent of any assistance from the VAT consultants/Software technical or functional representatives.

What are the criteria for FTA Approval?

FTA conducts a thorough research and testing of the providers to ensure compliance of the software on the basis of the following parameters.

  • Technology used for development of the software
  • Proper resources on
    • Technical developers
    • Functional Consultants
    • Training Resources
    • Accounting Consultants
    • Tax Experts
    • Support Experts
  • Training Materials
  • Software implementation Methodologies
  • Customer Feedbacks
  • Financial Stability of the firm
Requirements for VAT Compliance

Here are some of the major requirements listed by the Federal Tax Authority for VAT compliance software.

  • Ability to generate non-editable VAT return file.
  • Ability to generate accurate FAF file.
  • Issue Credit / Debit notes and tax invoices.
  • Document control and support for auditors, government authorities and end users.
  • Easy and secured data back-up options.
  • Ability to generate weekly, monthly, quarterly and annual reports
  • Role based user access to control data security.
  • Changes in Label and Invoice printing as per the FTA rules.