Deloitte's Middle East fifth tax seminar to tackle challenges and opportunities in managing taxes
Many taxation challenges and opportunities in the Middle East will be tackled during Deloitte's fifth annual tax seminar that will be hosted in Dubai on 10 May 2011. The event is due to bring together a plethora of regional and international tax experts that will share their insight on the recent developments within the tax landscape.
According to Nauman Ahmed, tax partner at Deloitte in the Middle East, "Many anticipated 2010 to be a significant year of change for tax regimes within the region. The seminar will shed light on the latest occurrences and reveal major tax developments that have been recently announced."
The Deloitte team will discuss some of the major changes that occurred within realm of taxation in the Middle East during this seminar. Highlights include:
- While Saudi Arabia had one signed treaty with France, the kingdom has increased its tax network in the last three years by signing 20 treaties with new jurisdictions. This endeavor will promote bi-lateral and global business investment in and out of Saudi Arabia.
- Egypt introduced the world's first transfer pricing guidelines in Arabic.
- In Qatar, a new tax law that became effective on January 1, 2010 introduced some major changes including the introduction of a flat rate of income tax, a new withholding tax, changes to the taxation position of Qatari and GCC nationals and new penalties.
- Within Iraq, a new oil and gas tax law that was passed in February 2010 imposes a corporate income tax rate of 35% on oil and gas companies. It is also expected that new custom duty legislation will be introduced in 2011.
- In Libya, a new law which applies to national, foreign or joint venture capital invested in specific projects that promote development within the country came into effect. Investment projects that are granted a license under the new law will benefit from an exemption from customs duty, export tax, corporate income tax and taxes levied on dividends and interests for a period of up to 5 years.
John Belsey who leads Deloitte's international tax practice in the region commented, "We envisage that attendees will leave with a comprehensive understanding of key changes that occurred throughout the region in 2010, and what could be expected within the realm of taxation in the short and medium term. They will also gather an understanding of global trends and how they could affect investment from the Middle East."
-Ends-
About Deloitte:
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's approximately 170,000 professionals are committed to becoming the standard of excellence.
Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.
About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is the first Arab professional services firm established in the Middle East region with uninterrupted presence for over 85 years. Deloitte is among the region's leading professional services firms, providing audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with over 2,400 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region (International Tax Review World Tax 2010 and 2011 Rankings), a Hewitt Best Employer in the Middle East (2009) and was recognized as the 2010 Best Consulting Firm of the Year in the Complinet GCC Compliance Awards.
© Press Release 2011
