Experts discuss impact of tax regulations on businesses
Times News Service
MUSCAT: Recent developments in the local, regional and global tax environment, including a growing focus on transparency and technological demands, are putting pressure on organisations to adapt to new norms. Against this backdrop, KPMG organised the KPMG MESA Tax Conference to discuss issues and challenges currently facing tax functions in the Gulf Cooperation Council.
Established tax experts in the region discussed the impact of new regulations on businesses, including Jane McCormick, Global Head of Tax and Legal, KPMG International, who provided a global perspective on tax; Dr Rasheed M Al Qenae, Head of Tax, Middle East and South Asia, Emirates NBD; Ashok Hariharan, Head of Tax, KPMG Lower Gulf; and Wadih Abou Nasr, Head of Tax and Zakat, KPMG in Saudi Arabia and Levant cluster, who provided an overview of the economic and fiscal outlook and issues to be considered in the coming years. Following the introduction of value added tax (VAT) in the UAE and Saudi Arabia on January 1, 2018, both the Federal Tax Authority and the General Authority of Zakat and Tax continue to release guidance, as other GCC member states also gear up for the introduction of VAT.
The MESA Tax Conference addressed a number of issues related to VAT management, including automation and challenges, audits by the authorities, treatment for transactions with other GCC member states, lessons learnt from the 2018 implementation in UAE and Saudi Arabia, and the way forward.
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