NetSol handles China VAT implementation in record time

ghauri naeem

Global leasing and financing solutions provider NetSol Technologies has completed key enhancements to its system implementations for six global auto captive clients operating in China, all within less than 60 days, in order to support new VAT handling requirements.

“We have had an eye on the changing tax landscape of China for the past several years and we anticipated the implications of the proposed changes,” said Naeem Ghauri, head of global sales, NetSol Technologies (pictured above). “VAT calculations affect a lease contract and factor in at different stages within our systems. Therefore, to provide uninterrupted transitioning and enforce the notion of reliability amongst our existing customers, we delivered these preemptive customizations in record time.”

China is going through a period of tax regulation restructuring, replacing the business tax with VAT tax in industries and sectors in stages. The need for these reforms arose from the inefficiency of the existing business tax regime.

“The business tax to VAT conversion for our particular service sector occurred in 2015. We have many important clients operating in China, so a swift response on our behalf was of the essence. We are the leading technology solutions provider to the asset finance and leasing industry in China, and to maintain that position, a flawless service delivery is expected of us every time,” said Umar Qadri, president, NetSol Technologies China.