With economic challenges occurring all over the world and in the MESA region, KPMG International was proud to be the host to 150 senior tax professionals from over 30 countries at their recent MESA Tax Conference.
Held over the course of two days, 26 and 27 November 2012, at the Ritz Carlton Hotel in Dubai, the main topic under discussion was the impact of economic and political developments on fiscal and tax policy in the region. With continuing uncertainty at the global and regional level, discussions revolved around how economies are reacting to the changing landscape and its influence on the Middle East.
While talking about the potential implementation of a tax regime in the UAE, Greg Wiebe, KPMG's Global Head of Tax commented:
"As a stable economy, the UAE is well placed to manage and implement a tax regime based on global learnings and be able to take the time needed to assess what makes the most sense for the region. Tax is a social contract between people and the government and must be handled with great care."
Talking about the timelines and the type of tax that the region may see in the future, Mr. Wiebe also commented:
"Any tax introduced must be done slowly and carefully allowing for the economy, governments and citizens to adjust. Likely any movement will happen in the next 5 to 10 years."
The Conference also covered topics around the spectrum of compliance in the region and provided tax insights relating to investment in Iraq, trends and developments in merger & acquisitions, South Asia tax, global and regional trends in indirect taxes, investing in Saudi Arabia and many others.
Highlighting the success of the Conference Ashok Hariharan, KPMG's Head of Tax for the Lower Gulf said "The Conference attracted a large number of tax professionals from varied industries, including government, to hear from top level speakers and KPMG tax specialists. The Conference showcased a terrific mix of broad scope discussions and tax technical insights and covered both inbound and outbound investment issues."
Jyothi Kasi, Tax Partner, KPMG in the Lower Gulf said "global tax trends of lowering corporate tax rates, widening tax base and focus on transfer pricing can also be seen reflected in the Middle East. The lowering of corporate tax rates is also aimed at attracting inbound investment and there is an emphasis on effective compliance and tax collection. At the conference, we had the opportunity to discuss at length how corporates should be preparing themselves to handles these matters effectively."
The KPMG MESA tax conference is held once every two year but due to the growing demand of quality tax events and outstanding feedback from stakeholders in the region KPMG is considering holding the event at shorter intervals.
About KPMG:
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 145,000 people working in member firms around the world. KPMG in the UAE was established in 1974 and has grown to more than 650 professional staff led by 31 Partners, across six offices. We have established a presence among market leaders in the region, providing clients with Audit, Tax and Advisory services.
Over several decades, KPMG in the UAE has had the opportunity to work with leading industry players in the region and has played a pivotal role in a number of success stories. At various stages of their growth clients have looked to KPMG for timely and independent advice to help in decision making. KPMG's employees and Partners in the UAE embrace KPMG's Global values.
These values determine how we interact with clients, with each other and with the world around us. These values also define what we stand for and how we conduct business. At KPMG we try to create sustainable, long-term value, not just for our member firms and clients, but for the broader society as well. KPMG aims to be a responsible corporate citizen by making a real difference to the communities in which it operates.
For further information, contact:
Omar Khan
Communications Manager KPMG Lower Gulf
Omarkhan2@kpmg.com
M: +971 50 250 6204
© Press Release 2012
