Global technology company Cygnet InfoTech is growing its footing in the Middle East with the rollout of a digital invoicing platform in Saudi Arabia.
Having recently received accreditation from the General Authority of Zakat and Tax (GAZT), Cygnet InfoTech will now offer technical solutions for businesses in Saudi Arabia to help them move away from some paper processes and issue electronic invoices and electronic notes, according to reports.
Headquartered in Ahmedabad, India and founded in 2010, Cygnet InfoTech is among the top indirect tax solution providers in the country. More than 130 million electronic invoices are generated in India using the Cygnet InfoTech Tax Tech’s Compliance Portal, the company said in a statement.
After value-added tax (VAT) regulation was instituted in the Sultanate of Oman, Cygnet InfoTech provided its enterprise VAT compliance platform for use in that country, which borders Saudi Arabia and is the oldest continuously independent state in the Arab world.
Its presence in Saudi Arabia and Oman has given Cygnet InfoTech the position of becoming one of the most recognized firms in the global tax-tech space, the company said.
Cygnet InfoTech Founder and Managing Director Niraj Hutheesing said the company’s technology platform for taxes will benefit businesses in Saudi Arabia, offering end-to-end solutions for automated compliance across Saudi Arabia, Oman, and the United Arab Emirates (UAE). The company also offers its solutions across India, the U.K., and much of Europe.
PYMNTS research done in collaboration with American Express revealed that 87 percent of businesses found using automated technology resulted in faster processing speeds and 72 percent indicated they saved money on operational costs.