Ernst & Young join hands with ABCK, KIB to organize webinar with participation of over 100 senior officials
Impact of COVID-19 on economy, businesses in focus
KUWAIT CITY, May 2: On Monday, April 27, The American Business Council Kuwait AmCham Kuwait (ABCK), in collaboration with Ernst and Young (EY), and the Kuwait Italian Business Council (KIB), hosted a webinar titled: COVID19 and Beyond. The webinar was attended by over 100 senior executives representing American and Italian businesses operating in Kuwait, including diplomats from the American and Italian embassies, Kuwait Chamber of Commerce and Industry (KCCI), Kuwait Direct Investment Promotion Authority (KDIPA), and other prominent businesses in Kuwait.
The webinar was presented by Alok Chugh, Partner, EY Kuwait and MENA Government and Public Sector Tax Leader, and focused on the impact of the ongoing Covid-19 crisis on the economy and businesses. The responses of governments and central banks in many jurisdictions around the globe including the USA, Italy and all the GCC countries including Kuwait were also discussed.
In addition, tax policy and administrative responses in each of the GCC countries were discussed in detail, together with major financial-reporting considerations, the impact of the crisis on finance and tax functions and solutions, and opportunities for businesses.
In his opening remarks, Alok greeted all attendees and then proceeded to provide an overview of the economic impact of the Covid-19 crisis. He discussed the IMF’s latest forecast for a global contraction in 2020 of 3%. He then explained the impact of the crisis on different business sectors and described the policy levers which are available to Governments to mitigate the impact of this crisis on the economy.
Following that, Alok explained in detail the responses of Governments and Central Banks in the USA, Europe and Italy. He discussed the Fiscal stimulus of almost USD 3 trillion provided by the US Government till date, the measures taken by the US Federal Reserve, the actions of the European Central Bank and the two major decrees passed by the Italian Government: “Heal Italy” and “Liquidity Decree”.
Thereafter, Alok discussed in great detail the steps taken by the Governments and Central Banks of each of the Gulf Cooperation Council (GCC) countries. He examined the economic stimulus provided by the Government of Kuwait, the macroprudential measures adopted by the Central Bank of Kuwait (CBK),and the Cabinet’s Resolution No. 455 of March 31, 2020. He then discussed the tax policy and administrative responses in each of the GCC countries.
He then proceeded toanalyze tax and other considerations for businesses to address and examine the five major financial reporting issues to consider as a result of the crisis. He highlighted the Trackers developed by EY including those on Global Tax Policy, Tax Controversy Response, Global Labor and Employment Law and Global Immigration. Alok then examined in depth the effect of the crisis on finance and tax functions and solutions and opportunities for businesses.
The webinar concluded with an extensive question & answer session where Alok entertained inquiries and engaged in discussion with the participants.
The webinar was very well received by the participants.
ABCK is a non-profit organization comprised of American corporations, small and medium sized companies, and prominent business leaders and entrepreneurs, both American and Kuwaiti. Since 1985, the American Business Council Kuwait Ltd. (ABCK) has acted as an advocate for American companies in the State of Kuwait.