NetSol Technologies Carries Out Six China VAT Implementations in less than Two Months
July 18 2016 - 8:00AM
NetSol Technologies, Inc. (Nasdaq:NTWK), a global business services
and enterprise application solutions provider to the Asset Finance
and Leasing industry, today announced that it has 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 VAT 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, NetSol
Technologies, Inc. “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. 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.
About NetSol Technologies
NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider
of IT and enterprise software solutions primarily serving the
global leasing and financing industry. The Company’s suite of
applications are backed by 40 years of domain expertise and
supported by a committed team of 1,500+ professionals placed in
eight strategically located support and delivery centers throughout
the world. NFSTM, LeasePakTM, LeaseSoft or NFS AscentTM – help
companies transform their Finance and Leasing operations, providing
a fully automated asset-based finance solution covering the
complete leasing and finance lifecycle.
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Contact:William
MainaICRinvestors@netsoltech.com (646) 277-1236
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