Delegates assess impact of economic and political developments on fiscal and tariff policy in the region
KPMG RECENTLY held a major conference on tax, where senior professional drawn from the Middle East and South Asia (Mesa) region converged to address concerns of economic uncertainty at the global and regional level.
The topic of discussion was the impact of economic and political developments on fiscal and tax policy in the region, with key focus revolving around how economies are reacting to the changing landscape and its influence on the Middle East.
Widening tax base
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.”
Jyothi Kasi, Tax Partner, KPMG in the Lower Gulf added; “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.”