The VAT review of the SAP Business One solution by KPMG was commissioned by SAP channel partner Futurebiz Ltd and included the examination of how the software records transactions and in order to determine whether it complies with the Cyprus VAT Act (N.95 (I) 2000-2012) and regulations. In particular, the following areas were reviewed:
• The completion of VAT returns
• The treatment of prepayments
• The treatment of promotion schemes e.g. gifts
• The VAT rates applicable
• The treatment of zero rated and exempt expenses
• The exclusion of specific expenses from the VAT return
• The treatment of entertainment expenses
• The treatment of expenses regarding business and private use of e.g. motor vehicles, telephones etc.
• The application of the reverse charge mechanism in the construction industry
• The VAT procedure regarding bad debts relief
• The application of the new EU Directive regarding cash accounting scheme
• The apportionment of input VAT between economic and non-economic activities
‘’We are very pleased with our co-operation with KPMG and the VAT review certification that SAP Business One software achieved. As authorized resellers and SAP channel partners we are always committed in providing the best services and support to our customers’’ said Mr. Alkis Gregoriades, Managing Director of Futurebiz Ltd.
‘’At KPMG, strategic alliances is one of our goals for helping clients cut through complexity to achieve sustainable competitive business advantage’’ said Mr. Harry Charalambous, Board Member responsible for KPMG’s Indirect Tax Department. ‘’By combining forces with many of the world’s leading services and technology providers, we are able to deliver comprehensive solutions that help our clients address their composite business challenges. Our strategic alliances extend in depth our business and technology experience and enhance our ability to help clients achieve breakthrough results. KPMG’s Indirect Tax Department strategic alliances program is uniquely designed to achieve these results by creating and launching technology-based solutions and enhanced services, helping to resolve the most pressing problems our clients face, on a daily basis. KPMG’s Indirect Tax Department and Futurebiz cooperate in ensuring that software solutions and implementation services will help organizations leverage technology in order to manage the evolving needs of today’s workforce’’.
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