Deloitte seminar focuses on family businesses' structure, governance, valuation, and tax issues
Top tier tax services ranking for Deloitte in the GCC region for the third consecutive year
09 January 2012 - "Opportunities and pitfalls for Middle East family businesses ", a seminar in Dubai in December hosted by Deloitte, brought owners, chief financial officers, and directors of family businesses in the region together to share in Deloitte's regional and global expertise in advising family businesses. The seminar was facilitated by Ali Kazimi, Deloitte Middle East head of International and Financial Services Tax, and David Stark, managing director, Middle East Restructuring Advisory Services, Deloitte Corporate Finance Limited, who were joined by senior partners from the Deloitte UK and US firms.
"This is the first such seminar Deloitte has hosted in the region and is indicative of importance of the family businesses sector, especially in light of the developments in the markets," said Ali Kazimi. "This seminar provided a basis for attendees to explore strategies for maximizing value out of their family businesses or family offices."
The seminar covered a number of UK and US tax matters (such as domicile and residence), implications on Middle East families businesses and key issues of the US' Foreign Account Tax Compliance Act (FATCA), building the right operating and financial structure, succession planning, efficient structuring of tax portfolios, and managing risk, accounting and governance for family offices.
The seminar was interactive and led by leading Deloitte international partners specializing in planning for family businesses from across the Middle East, the UK and the US. Family Services form part of Deloitte's Private Client Services which recognize the special needs and multi-disciplinary expertise required to service family offices and high net worth clients. Typically, Private Client Services are requested by high profile families, including royalty or aristocracy, as well as high profile individuals, including media and sport celebrities. Further seminars are planned for 2012 in other locations in the region, including Saudi Arabia, Bahrain, and Abu Dhabi.
Ali Kazimi recently joined Deloitte, bringing with him more than 15 years of experience in the financial services industry. Ali specializes in pension and asset pooling, securities lending, as well as tax offerings for pension and sovereign wealth funds. Ali Kazimi comments: "I am pleased to be joining such a high profile and respected firm in the Middle East. Deloitte leads the market in the investment management sector, and I look forward to working with the team to enhance our client services."
In October this year, the Deloitte Middle East Tax advisory services practice was recognized by the International Tax Review's (ITR) World Tax 2012 for the third year in a row, and received a top tier ranking for the tax services it provides in the GCC region. ITR World Tax 2012 highlighted Deloitte's leading reputation, international network, highly knowledgeable professionals, and complete tax services capabilities. Additionally, several Deloitte professionals were cited by ITR World Tax 2012 as leading practitioners in their areas of specialism. "Providing consistent, high-quality, high-value services to clients all over the world is something Deloitte professionals everywhere constantly strive to do, and the Deloitte network of member firms is honored that ITR World Tax 2012 has recognized the strength of its global capabilities including those in our GCC practice," said Nauman Ahmed, partner in charge for Tax advisory services at Deloitte Middle East.
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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 high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte's approximately 182,000 professionals are committed to becoming the standard of excellence.
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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 2,500 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region (International Tax Review World Tax 2010, 2011 and 2012 Rankings) and was recognized as the 2010 Best Consulting Firm of the Year in the Complinet GCC Compliance Awards. In 2011, the firm received the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW).
© Press Release 2012
