FROM LEFT: David Dowall, Senior Manager CMAAS, Mark Menton, Assurance Director, and John Molloy, Assurance Partner, during the PwC’s 4th annual accounting and tax developments seminar at W Hotel in Doha yesterday. (Kammutty VP)
DOHA: The PwC’s fourth annual accounting and tax development seminar held here yesterday highlighted the issues and risks for foreign businesses operating in the state and Qatar Financial Centre (QFC).
The seminar, attended by PwC experts discussed key developments in local and international tax laws and international financial reporting standards (IFRS), and their impact on companies operating and investing in Qatar.
The event was part of the Qatar firm ‘PwC Series’, a regular forum for knowledge sharing and networking targeted towards senior executives in the Qatari marketplace.
PwC’s Tax leaders Declan Mordaunt, Neil O’Brien, and Sajid Khan/Partner, International Tax, and Stephen Anderson were among others who addressed various sessions. The experts looked at the growing risks businesses face going global and the unprecedented change that is happening to tax laws as foreign governments seek to balance their domestic budgets.
Neil O’Brien said: “Qatari businesses are expanding rapidly through M&A and there is a lot of interest in Qatar on the key tax risks associated with international M&A and the best global practices and processes that are used to manage those risks”.
Stephen Anderson noted: “Planning is key to managing risks. We at PwC work with our clients and take the time to listen, question and understand their goals as well as their competitive and regulatory environment to help them create the value they are looking for.”
“Qatar continues to be a very significant player within the GCC and globally In PwC Qatar, we have invested significantly in developing our capabilities by tapping into our global network, deep industry expertise and experience and growing our local number of partners and directors to reach 25. We will continue to grow our presence in light of market opportunities and as a demonstration of our commitment to Qatar”, he said.
On the region’s tax regime, Declan Mordaunt noted: “Unlike many countries around the globe, there are a lot of protections in place in the Middle East. Many Western countries wish they had introduced such protection, at least in part. Qatar is way up the league table of countries for the “Ease of Doing Business” and implementing reforms to its commercial law... In the “Ease of Paying Tax” league table Qatar is no. 2”.
Over 250 senior executives from Government agencies, state-owned enterprises, multi nationals, family businesses and private sector companies in Qatar attended the event.
The Peninsula
