NetSol Technologies concluded the value added tax (VAT) handling capability enhancements to its system implementations for six global auto captive clients operating in China. The enhancements to all six captives were delivered in less than 60 days.

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

“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 at NetSol Technologies. “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.”

“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,” said Umar Qadri, president of NetSol Technologies China. “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.”

NetSol Technologies is a provider of IT and enterprise software solutions primarily serving the global leasing and financing industry.