KPMG in the Middle East and South Asia held a regional tax conference in Dubai on November 12, which was attended by senior tax executives from multinationals operating in the region.
Loughlin Hickey, Managing Partner, KPMG Global Tax Services, presented results of a multi-country tax survey, which was conducted across the MESA region to identify the challenges that businesses in the region face in dealing with tax matters and how developments in the field of taxation could potentially affect business. Senior tax executives in nine countries were interviewed to obtain their views on a range of taxation issues including clarity of government regulations, methods of achieving tax efficiency and proposed new taxation laws.
The report highlighted a requirement for some of the existing taxation laws to be replaced by new tax legislation to address the issues businesses face in the modern economy. Some respondents were concerned about the lack of clarity of government tax regulations in certain jurisdictions. The survey also found that most respondents considered corporate tax as a major contributor in maintaining tax efficiency.
In addition, Ashok Hariharan, Head of Tax, KPMG in the UAE and Oman said “There is a need for government authorities to ensure domestic legislation is as transparent as possible so that tax becomes an enabler to the continued economic growth within the region.”
He also noted the implementation of free trade agreements may well lead to a decline in revenue from taxes such as customs duties, as countries achieve greater trade liberalization. Governments may therefore seek to raise other sources of tax revenue such as VAT to offset this decrease.
About KPMG
KPMG is a global network of professional firm providing Audit, Tax, and Advisory services. We operate in 144 countries and have more than 104,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. KPMG International provides no client services.
In the Middle East and South Asia, KPMG member firms operate from offices in Afghanistan, Bahrain, Bangladesh, Egypt, India, Iran, Kuwait, Lebanon, Oman, Pakistan, Qatar, The Kingdom of Saudi Arabia, Sri Lanka, Syria, The United Arab Emirates and Yemen.
Tax Services
KPMG professionals from the network of member firms around the region combine cross-border experience with local knowledge to help provide effective tax strategies.
The network's tax professionals work in multi-disciplinary teams, using their in-depth knowledge of local tax rules and industry practices. They focus on the business or personal issues behind a tax problem, and they apply their technical skill and commercial acumen to help address them.
KPMG’s tax services include advising on business tax, international corporate tax, indirect taxes, trade and customs, personal taxes and various other tax issues.
