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Deloitte: Transfer pricing should be top of agenda for all tax executives in 2018
 

Dubai, UAE, May 30, 2018:  Deloitte has just issued its 2018 edition of the Middle East Tax handbook. The handbook is a comprehensive guide to help businesses keep abreast of the Middle East tax rates and to guide businesses through the important changes to tax regimes across the Middle East region. 

Changes in regulation and tax reform continue to be on the increase in the Middle East, and include the implementation of a value added tax (VAT) regime that commenced in the Kingdom of Saudi Arabia (KSA) and United Arab Emirates (UAE) on January 1, 2018. As a transactional tax, the introduction of VAT poses a real challenge for KSA and UAE businesses, especially with the significant impact it has across their entire operations. During the ensuing period it is anticipated that the remaining four GCC member states will each proceed with their respective plans, and domestic laws, to implement a VAT in accordance with the Treaty by 2019. The existence of the Treaty as a core set of principals provides GCC businesses with enough direction to commence their implementation even though the respective domestic VAT laws are not, at time of writing, yet available.  

“The Deloitte Middle East Tax practice is committed to providing businesses with the clarity, connection and confidence that they need in order to navigate the ever evolving tax landscape. To this aim, we are continuously deploying tax academies and conferences, learning materials in addition to innovative platforms and tools such as the Deloitte “tax@hand” and “VAT in the GCC Guide” mobile applications,' explains Nauman Ahmed, Partner and Tax Leader at Deloitte Middle East.

With the issuance of the final recommendations of the Organization for Economic Co-operation and Development (OECD) on the 15 Base Erosion and Profit Shifting (BEPS) action items, the importance of transfer pricing has further increased as it dominates the BEPS agenda for taxpayers and tax authorities across the world. Following the global trend, many countries across the Middle East have also committed to introduce BEPS recommendations in domestic legislation, which is likely to further sharpen the focus on transfer pricing in the region. 

“In 2018, transfer pricing should be at the top of the agenda for all tax executives. We are at a time when everything defining the global and local tax landscape of the past is shifting and yielding a fundamentally different future – compounded by increased scrutiny from revenue authorities and the media. This intensifies the spotlight on tax leaders and professionals,” said Alex Law, International and M&A Tax Leader at Deloitte Middle East. 

“We want to gain a deeper understanding of challenging issues facing your business and want to help you to be confident and embrace innovation, leading in the midst of uncertainty. This is how we will find more efficient ways to meet the ever-expanding needs of today, tackle tomorrow’s challenges, and add value.” 


Posted by : Dubai PR Network Editorial Team
Viewed 4782 times
PR Category : Banking & Investments
Posted on : Wednesday, May 30, 2018  11:34:00 AM UAE local time (GMT+4)
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