Dubai: Recent developments in the local, regional and global tax environment, including a growing focus on transparency and technological demands, are putting pressure on organizations to adapt to new norms. Against this backdrop, KPMG held the KPMG MESA Tax Conference to discuss issues and challenges currently facing tax functions in the GCC.

Established tax experts in the region discussed the impact of new regulations on businesses, including Jane McCormick, Global Head of Tax & Legal, KPMG International, who provided a global perspective on tax; Dr. Rasheed M. Al-Qenae, Head of Tax, Middle East and South Asia; Ashok Hariharan, Head of Tax, KPMG Lower Gulf; and Wadih Abou Nasr, Head of Tax and Zakat, KPMG in Saudi Arabia and Levant cluster, who provided an overview of the economic and fiscal outlook and issues to be considered in the coming years.

Following the introduction of VAT in the UAE and KSA on 1 January 2018, both the Federal Tax Authority (FTA) and the General Authority of Zakat and Tax (GAZT) continue to release new guidance, as other GCC member states also gear up for the introduction of VAT.

The MESA Tax Conference addressed a number of issues related to VAT management, including automation and challenges, audits by the authorities, treatment for transactions with other GCC member states, lessons learnt from the 2018 implementation in UAE and KSA and the way forward.

The conference also focused on the impact of technology and how tax departments can evolve in the modern context. This includes introducing new technology capabilities that can give tax and finance leaders an edge in managing regulatory change, streamlining processes and leveraging the value of data.

Jane McCormick, Global Head of Tax & Legal, KPMG International, said: “The digitization of tax and the emergence of data driven technologies has changed how tax is collected and administered, how organizations manage their tax obligations, and the ways in which tax departments need to work. Effective data management is at the core of both solutions and challenges for organizations as they look to not only comply, but also make better business decisions. The MESA Tax Conference addressed the impact of the new reforms and offered clear approaches and data-driven solutions for businesses to adapt and succeed in a post-VAT environment.”

Transfer pricing is another area that is expected to put even more demands on tax teams in the coming years, as countries implement transfer pricing recommendations arising from the Organization for Economic Co-operation and Development’s (OECD) Action Plan on Base Erosion and Profit Shifting (BEPS). The conference also offered insights on Global Transfer

Pricing developments and the critical role tax teams play in structuring the transfer pricing function within an organization.

-Ends-

About KPMG International

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 154 countries and territories and have 200,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates.

For media enquiries, please contact:
Mara Carpencu
+971 4 506 5563
mara.carpencu@bpgorange.com
Siddhi Sainani
+971 4 506 5582
siddhi.sainani@bpgorange.com 

© Press Release 2018

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.