Digitizing tax in the GCC: Deloitte

85% of businesses surveyed anticipate they will undergo large scale tax technology adaptation in next 5 years

  

Deloitte hosted an innovative series of ‘tax lab’ summits across the Gulf Cooperation Council (GCC) for businesses. The purpose of the sessions was to discuss how automation, digital protocols and methodologies would transform tax accounting, reporting and compliance in the region. The specific focus of the labs was on how both the public and private sector could design tax functions for the future.  This included using design principles to structure tax departments and to build and implement technology architecture and embedded solutions.

“The level of tax transformation that we are seeing in the GCC region is unprecedented”, said Jason Riche, Deloitte Middle East Tax Management Consulting (TMC) leader. “The plethora of new taxes entering the region and the speed with which this revolution is happening is causing a tidal wave of C-suite level opportunities and concerns. Tax transformation and tax technology will remain a key issue for the C-suite and boards for the foreseeable future.”

80% of those surveyed stated that their organizations were currently not automated from a tax perspective and 60% said their organizations were reactive and static. By contrast, 85% said they anticipated they would undergo large scale tax technology adaptation in the next 5 years and 90% aspired to have proactive and progressive tax functions in as little as the next 2 years.

“The statistics reported by the Deloitte Middle East tax labs suggest that the GCC region is perhaps the area were we will see the most growth globally in tax technology advancement in the next decade”, said Nauman Ahmed, Middle East Tax Leader.  “The areas that our clients are telling us they are most interested in are tax analytics, Artificial Intelligence and Robotic Process Automation.”

Stay tuned for Deloitte’s second round of tax labs kicking off in the Middle East region in early 2020. 

To learn more about this topic, please follow this link:

https://www2.deloitte.com/ae/en/pages/tax/articles/the-future-of-tax-and-legal.html 

- Ends –

Contact:

Nadine El Hassan
Public Relations Regional Leader
Deloitte Middle East
Tel: +961-1-748 444
Email: nelhassan@deloitte.com 

About Deloitte:

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about  to learn more.

Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our network of member firms in more than 150 counties and territories, serves four out of five Fortune Global 500® companies. Learn how Deloitte’s approximately 280,000 people make an impact that matters at www.deloitte.com

About Deloitte & Touche (M.E.):

Deloitte & Touche (M.E.) (DME) is a licensed member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is a leading professional services firm established in the Middle East region with uninterrupted presence since 1926. DME’s presence in the Middle East region is established through its affiliated independent legal entities which are licensed to operate and to provide services under the applicable laws and regulations of the relevant country. DME’s affiliates and related entities cannot oblige each other and/or DME, and when providing services, each affiliate and related entity engages directly and independently with its own clients and shall only be liable for its own acts or omissions and not those of any other affiliate.

DME provides audit and assurance, tax, consulting, financial advisory and risk advisory services through 25 offices in 14 countries with more than 3,300 partners, directors and staff. It has also received numerous awards in the last few years which include, Middle East Best Continuity and Resilience provider (2016), World Tax Awards (2017), Best Advisory and Consultancy Firm (2016), the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW), as well as the best CSR integrated organization.

The information contained in this press release is correct at the time of going to press.

To no longer receive emails, please send a return email to the sender with the word “Unsubscribe” in the subject line.

Nadine El Hassan

Senior Manager l Brand & Communications
Deloitte & Touche (M.E.)
Gefinor Center - Block D
Clemenceau Street
Beirut, P.O. Box 113 - 5144
Lebanon
D: +9611748444
nelhassan@deloitte.com  | www.deloitte.com          

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.


More From Press Releases