VAT makes work for consultants in the Gulf

VATA major consultancy has expanded its Middle East term to advise clients in the Gulf countries about the onset of value-added tax (VAT). The Gulf Cooperation Council countries have said they will introduce VAT at a 5% rate on January 1, though reports suggest some countries, such as Kuwait, will not make the deadline and will implement the tax later. Deloitte said it had admitted three partners, Mark Junkin, Michael Camburn and Bruce Hamilton, in the indirect tax practice and taken on four directors “Our VAT team is now one of the biggest in the Middle East consisting of dedicated indirect tax specialists covering the entire GCC region, and bringing deep industry expertise,” said Nauman Ahmed, the Deloitte Middle East tax leader. Gulf states are levying VAT to help account for the fall in government revenues caused by the low oil price. Historically, Gulf governments have funded themselves through petrochemical sales. ©2017 funds global mena

Executive Interviews

INTERVIEW: Protecting the investment

Nov 23, 2017

Rasmala’s trade finance fund recently passed $100 million in assets. Doug Bitcon, head of credit strategies, explains why he has to be hands-on.

EXECUTIVE INTERVIEW: A natural interest in the topic

Mar 08, 2017

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.


ROUNDTABLE: Charting the pace of reform

Nov 23, 2017

Saudi Arabian index inclusion, the onset of taxes and the Dana Gas controversy were among the issues discussed by our cross-industry panel. Chaired by George Mitton in Dubai.


Mar 08, 2017

The move to a three-day settlement cycle, the appearance of new stock exchanges, and recent rules on hedge funds were discussed by our panel in Cape Town. Chaired by George Mitton.