Value Added Tax For the GCC Countries - Adaco Cluster

Greetings from Fourth!

As you are aware, The Ministry of Financial Affairs, have stated that the GCC Countries will implement VAT at the rate of 5% on 1st January 2018. This is of course a significant change for the hospitality industry and we at Fourth are taking the required steps now to ensure our customers in the region who use our Purchase to Pay & Inventory solution (Adaco) are ready for this change.

Adaco is already fully VAT capable and the VAT feature of our solution is currently being used all over the world. Fourth will not need to carry out any development work to the current system logic to accommodate this change in legislation.

However some data related work will be required to setup your products, recipes and rates to ensure your portal is fully equipped for the VAT implementation on 1st January 2018. You will be able to make the required changes manually on the system or alternatively we can assist with this via a chargeable data exercise.

 Attached is a guide detailing the VAT feature on Adaco along with options available for making the required changes.

Thank you as always

Nimirta

Fourth