DUBAI — A strategic collaboration between Thomson Reuters, a global leader in tax technology solutions delivered through its ONESOURCE portfolio, and Path Solutions, a provider of intelligent software solutions to Islamic banks and financial institutions, has resulted in a GCC-specific centralized VAT solution that stands to transform efficiencies for the region’s fast-developing financial sector.

The innovative system is a first, and will enable institutions and corporations to streamline data, automate processes and ensure accuracy in tax flows, as the region’s VAT and tax regulatory landscape evolves.

By combining the power of Thomson Reuters’ ONESOURCE best-in-class indirect tax solution certified by the UAE Federal Tax Authority, and Path Solutions’ Shariah-compliant iMAL Islamic Core Banking Platform, this strategic partnership —pioneering in the GCC market — offers banks and financial institutions the tools to deliver innovative and frictionless financial services and achieve seamless VAT management and compliance supported by globally-trusted tax content.

iMAL gives its clients the technology to meet the soundest Shariah and regulatory requirements, and to scale their businesses while also delivering personalised customer experience.

Corporations in the banking and financial services sector now have an opportunity to solve their most pressing challenges, remain competitive in a fast-changing environment, minimize manual effort and risk, and bring their VAT processes in line with international best practice.

“This powerful technology partnership supports ongoing digital transformation across core banking and indirect tax operations. By leveraging Path Solutions’ Shariah-compliant core banking platform iMAL and Thomson Reuters’ globally trusted ONESOURCE tax engine and content, banks and financial institutions have a future-proof solution that is both system agnostic and easy to scale as required. Organizations will be well-positioned to navigate the GCC’s fast-changing financial and tax landscape, while optimizing their total cost of technology ownership”, said Ramy Rayan, Senior Solution Consultant, Thomson Reuters. “Together with Path Solutions we will continue to add functionalities and expand the digital transformation capabilities we offer to the GCC’s financial services sector.”

“We are committed to expanding our partnership with Thomson Reuters to deliver best-in-class service and value to our clients through our core banking platform iMAL. Our regional banking clients will benefit from the partnership with Thomson Reuters’ ONESOURCE as clients continue to look at ways to solve complex VAT challenges through automation, and get a more effective tax rate,” added Mohammed Kateeb, Group Chairman and CEO, Path Solutions. — SG