KPMG in Kuwait held its annual tax conference, this year with the theme of Tax Reimagined. Various sessions offered insights on how the tax function is being reimagined to keep pace with evolving regulations and the impact of digitalization.
Tax is at the forefront of negotiation and debate and continues to drive decisions on policy, trade, strategy and business transformation around the world. To address new challenges concerning rapidly-changing tax compliance regulations, KPMG in Kuwait held its annual tax conference, this year with the theme of Tax Reimagined. Various sessions offered insights on how the tax function is being reimagined to keep pace with evolving regulations and the impact of digitalization.
Throughout the event, participants viewed demonstrations of KPMG Tax Technology Tools, cementing KPMG’s market leadership in technology solutions. This included live demos of workflow management tools to assist companies in streamlining processes. Participants were able to experience KPMG MyPay App which is an employee-focused single instance HR Solution whereby companies can engage employees through their mobile devices (either iOS or Android) to provide several functions, including monthly payslips, notification of salary payments and approval of medical/expense claims.
Regional tax experts, Stuart Cioccarelli, Partner and Head of Tax from KPMG in the UAE and Barbara Henzen, Partner and Head of Tax from KPMG in Qatar joined our local experts to debate the ways in which regional trends in tax may impact Kuwait, the future of the tax function, M&A, Base Erosion and Profit Shifting (BEPS), VAT and the impact of technology. Specific areas of focus during the discussion were the economic substance rules that have been recently introduced in the UAE and the recent changes in the Qatar tax regulations.
A detailed session on specific Kuwait tax matters was chaired by Zubair Patel, Partner and Head of Tax for KPMG in Kuwait. The session discussed practical challenges and implications from industry experts and from the KPMG tax team, covering topics such as tax retentions, tax treaty application and tax inspection processes. Zubair Patel said: “There is a paradigm shift in dealing with tax authorities everywhere as global and regional concepts flow down to a country-level approach. Foreign companies operating in Kuwait and local companies need to be well prepared for greater tax scrutiny.”
Fahim Bashir, Tax Partner from KPMG in Kuwait, chaired a session on Doing Business in Kuwait together with panellist from the UK and Turkish Embassies in Kuwait. The session discussed the opportunities Kuwait has to offer, various operating structures available to foreign companies wishing to do business in Kuwait, related tax matters and practical commercial considerations. Fahim Bashir said: “When companies decide to do business in any jurisdiction a full and proper due diligence is required to understand the various complexities involved. This is also true of Kuwait, and it will enable companies to be better prepared."
About KPMG in Kuwait
In Kuwait, we operate with over 200 employees and 9 partners. We form part of a global network of more than 219,000 outstanding professionals working together to deliver value in 147 countries, drawing on global industry insights to complement our strong local knowledge.
To provide our clients with the highest standards of service and professional capabilities, we recruit the best candidates from across the region and the world. KPMG in Kuwait is staffed with national and expatriate professionals representing more than 18 nationalities, creating a diverse culture in which people share knowledge and global perspectives.
We encourage our people to make a sustainable difference to our clients and the community in which we operate. Commitment to our community is one of our core values and a cornerstone of the culture of our firm. To us, responsible business practices contribute to broad-based development and a sustainable market.