Raiffeisen Bank Ukraine implements a comprehensive VAT business process based on IT-Enterprise platform

Raiffeisen Bank Ukraine is part of the Raiffeisen Bank International AG banking group, Austria. The bank offers a wide range of standard and innovative banking services to over 2.5 million customers. The institution operates with UAH 6.15 billion in authorized capital, UAH 30.43 billion in equity capital, and UAH 227.08 billion in assets.

Project

The Raiffeisen Bank and IT-Enterprise teams jointly implemented a number of dedicated IT solutions as part of the bank's digital strategy. One of them was the implementation of a value-added tax (VAT) module. IT-Enterprise's no-code/low-code platform ensured end-to-end integration with the bank's existing IT systems, as well as centralized control and automation of VAT operations.

The implementation of the VAT module involved several stages:

• analysis and audit of business processes;
• development of custom settings to meet the bank's needs;
• integration with existing IT systems;
• staff training and functionality testing.

This approach allowed the project team to create a unified digital system for managing VAT operations and ensure compliance of the bank’s internal processes with current tax regulations.

Business process “Received tax invoices”

The project for automating tax invoice processing involved building a business process to facilitate working with received tax invoices. This solution is part of the bank’s general strategy to improve the efficiency of tax governance.

The project team implemented automation of tax invoice uploading to the IT-Enterprise ERP system, which eliminated manual data entry and ensured quick addition of documents to the general accounting system.

At the same time, internal directories are updated automatically. The IT-Enterprise ERP system extracts the necessary information from invoices and updates the databases of counterparties (contractors), accounting items, transaction codes, etc., making such operations less time-consuming and more accurate.

One of the stages of the business process is the centralized processing of received tax invoices to ensure verification, approval, formalization, and further use of their data in internal reports and declarations.

Business process “Issued tax invoices”

The project had a particular focus on building an effective business process for processing issued tax invoices. Thanks to the platform’s flexibility, it was possible to create an automated work model that significantly reduces the operational load and ensures accuracy in tax accounting.

The automated tax invoice generation process suggests that the IT-Enterprise ERP system generates documents based on the data received from internal banking IT systems. At the same time, an automatic directory update mechanism allows the system to update information about the counterparties (contractors), transaction types, and details specified in invoices.

After creation, tax invoices undergo a structured processing process: verification, approval, and preparation for submission. The final stage is the formation of XML files that meet the regulators’ requirements and are ready for being sent to the tax service.

Auto-generation of consolidated tax invoices

Another project outcome was the automated generation of consolidated tax invoices. This component continued building the full cycle of tax information processing, ensuring consistency, control, and transparency at the final level. The IT-Enterprise ERP system combines data from various sources, classifies it according to tax regulations, and creates consolidated invoices.

Automated generation of VAT declarations

One of the system’s advantages is the automated generation of VAT declarations with the necessary attachments. The IT-Enterprise ERP system generates declarations based on all previously processed documents, including individual and consolidated tax invoices. The functionality allows users to create XML files suitable for online submission to tax authorities.

Project features

The VAT digitization project at Raiffeisen Bank is an example of how IT solutions can be implemented in regulated processes in the financial sector. Here are a few of its highlights:

• optimization: creating VAT declarations and attachments based on processed tax documents, followed by generating XML files for submission to tax authorities.
• efficiency: increased staff productivity by automating routine operations and reducing the workload on financial departments.
• speed: reduced the time required to prepare VAT tax reports through automated collection, processing, and generation of the necessary documents.

“The IT-Enterprise ERP system has demonstrated stability and high performance. I would like to note the high qualifications of the support team, the quality of services provided, and being responsive to requests,” says Olga Naumenko, Chief Accountant at Raiffeisen Bank.

The tax process digitalization project improved both the internal efficiency of the bank and systemic support for transparent governance in Ukraine's financial sector. Such solutions empower businesses to be accurate, responsible, and still efficient in their tax reporting, which is especially important at a time when the state is fighting for its independence and needs coordinated interaction with businesses.

The joint work of the Raiffeisen Bank and IT-Enterprise teams enabled them to build a reliable digital infrastructure for VAT management that meets the current requirements of tax legislation and standards for large financial institutions.

The project demonstrated how the combination of IT-Enterprise's no-code/low-code platform technologies with Raiffeisen Bank experts' deep understanding of banking processes was able to boost the efficiency of tax governance.