29 August 2016
DOHA: More than 170 business and financial professionals recently attended a seminar on "Value Added Tax (VAT) in the GCC - Are You Ready for this historic change in the tax landscape?"

The seminar, which was organised by the Institute of Management Accountants (IMA) Qatar Chapter in cooperation with Ernst & Young Qatar, highlighted the current economic scenario in the GCC and the government's plan and need to diversify income sources which have affected its revenues from falling oil prices.

The guest speaker, Jennifer O Sullivan, Tax Director of E&Y (Qatar) said VAT will help drive the economy of the countries in the GCC.

She explained the technical aspects and regime of VAT in GCC including the expected timelines of the organisation if they are going to implement and become VAT ready effective January, 2018.

Sullivan also discussed the different case scenarios of VAT and its applicability to different types of companies. She concluded the significant impact of Value Added Tax (VAT) on businesses and the importance of early planning.

The event was inaugurated by Moamen Omer, President -- IMA Qatar Chapter, who discussed the importance of the CMA credential in managerial accounting for accountants and finance managers. The newly elected board members of IMA Qatar Chapter were announced and the outgoing board members were given plaques of appreciation for their contribution.

© The Peninsula 2016