UAE- Tax advisers need to adapt to changing landscape

4/18/2016 11:49:44 PM

(MENAFN- Khaleej Times) Much has been said and written about the secrecy and complexity of some of the global tax systems for the past month thanks to the thud created after the massive exposure of the infamous Panama Papers.

However at the ongoing Crowe Horwath Emea Tax Conference in Dubai the gear shifted to more fervent matters as more than 100 delegates drawn from Europe the Middle East and Africa gathered in the emirate with the sole objective of discussing how member firms across the network could leverage the brand increase tax capabilities and share best practices.

Held annually this year's tax conference is particularly seen as essential for businesses UAE expatriates and their audit and financial advisors as they prepare themselves for the impending federal corporate tax and value added tax legislations.

The country has been studying the possibility of introducing corporate tax over the recent years in alignment with other countries in the Middle East region. Currently the corporate tax policy principles have been approved by the UAE Cabinet but a draft law would still need to go through the legislative approval process including the agreement of various government stakeholders.

Dr Khalid Maniar founder and managing partner of Crowe Horwath UAE underlined the important role that the network's tax advisors play in the changing landscape of global tax administration.

"As advisers and tax intermediaries you play a vital role in all tax systems helping your corporate clients and taxpayers understand and comply with their tax obligations in an increasingly complex world" he said.

"It's vital to think beyond just the technical rules as recent developments such as the Panama Papers and reputational damage of some multinational companies have put our profession in the spotlight and become a key focus area for governments international regulators and civil society."

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