Anthony O'Sullivan

The #OECD’s #PillarTwo is here. Although legislation in the Middle East is still being finalised in many countries, it's crucial to start preparing and adopting an action plan now. Learn more: https://pwc.to/3QT8JnR #PillarTwoReady #GlobalTax PwC Middle East

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What does the future of digital regulations look like in the Middle East? You’ll find the answer in our latest article series which gives a clear overview of the current state and future outlook of digital regulations in the region: https://pwc.to/4csEyMl #Transformingtogether PwC Middle East

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Culture and creativity are key drivers of growth in the GCC, with governments prioritising CCIs for innovation, job creation, and economic development. This report offers strategic insights to help stakeholders unlock the sector’s full potential. Unveil the full details: https://pwc.to/3VfNTS2 @PwC Middle East

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How are digital technologies empowering Transformation Management Offices? Explore how to tackle transformation challenges to enhance efficiency and drive sustainable growth for your organisation in our latest report: https://pwc.to/4aSUPJS #Digitaltransformation PwC Middle East

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Discover the latest tax developments at the EY Kuwait Annual Tax Seminar. Explore the recent tax updates, potential new tax considerations, and their impact on your business operations in Kuwait. Secure your spot now to stay ahead in the evolving tax landscape. #EYMENA #EYTax #Tax #Kuwait #BetterWorkingWorld Register now: https://lnkd.in/dBudXYxc

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As the Middle East transitions to net-zero, strategic dealmaking in green hydrogen, renewables, and carbon capture projects is vital for long-term regional benefits. Learn how we are supporting our clients and the energy transition in the region: https://pwc.to/3yrNqnc #Energytransition @PwC Middle East

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Exciting tax update from Bahrain! See our alert below for more

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Whether you are a freezone or onshore company, you face having to determine when your sales count as revenue for Corporation Tax purposes. It’s not simple. Today in my column in The National. If you have a question, contact me. #GulfTaxAccountingGroup #GTAG #taxation #taxes #tax #economics #Dubai #UAE #GCC #finance #emergingmarkets #BEPS  https://lnkd.in/d7x8nHZe

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A sustained confidence in Qatar’s economic growth is being witnessed as its diversification strategy and investments focus on transforming the nation into a knowledge-based economy.  Discover how this has led to fiscal resilience and innovation amidst global challenges in our Qatar Economy Watch report.  #QNV2030 @PwC Middle East https://pwc.to/4beFe8s

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Tax Times– Insights into the Saudi Tax Scene #2– Venture capital and private equity tax concerns As Saudi Arabia strides towards its Vision 2030, the venture capital and private equity sector emerges as a pivotal force in economic growth. Understanding the tax landscape is crucial for investors and fund managers in this dynamic market. Investors, particularly Saudis and GCC nationals, face a 2.5% zakat on investments and income from share sales. If investments route through offshore entities, a 5% withholding tax on dividends and a 20% capital gains tax on share sales apply. Key considerations for stakeholders include creating a tax framework conducive to lucrative exits, aligning corporate and tax regulations with global standards, and ensuring predictable tax outcomes for IPOs. This alignment is essential for financing emerging companies and aligning venture capital exits. Other specific KSA considerations include zakat obligations, VAT and RETT implications for real estate funds, and the tax treatment of various income streams like share of income, carried interest, consulting, management and performance fees. Recent zakat regulations and the draft of the new tax law, pending publication, aim to address these issues. The proposed law covers rules for funds, foreign partnerships, redomiciliation, hybrid instruments, mergers, and tax relief, signaling a move towards a more investor-friendly tax regime. These reforms reflect KSA's proactive stance in refining its fiscal environment to bolster venture capital and private equity investments, potentially leading to increased capital inflows and diversified economic growth. What are your thoughts on these developments? Next week, we will continue the conversation with a focus on tax considerations for non-resident contractors engaged in construction and large-scale projects in Saudi Arabia.   Disclaimer: The insights shared herein are personal and do not represent the views of my employer. They are intended for general informational purposes and should not be construed as professional tax advice. #venturecapital #privateequity #saudiarabia #taxation #economicgrowth #Vision2030 #zakat #transferpricing #internationaltax #corporatetax #pillar2 #taxplanning #saudiarabia #withholdingtax #taxplanning #fundmanagers

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The digital landscape across the Middle East is evolving. Our report examines regulations and how digital technologies are disrupting the regulatory landscape. Explore insights in the blog below. #digital #digitalregulations #transformation #thenewequation

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The first report in our PwC Middle East #eMobility series focuses on the region's ambitious journey towards decarbonisation and the important role EVs will play in the transition to a low carbon economy. Read on below for insights. #EVs #CleanEnergy

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Day two of the conference begins with very relevant topic. All audit firms are required to adhere to ISQM 1 standards to maintain high quality, achieve audit objectives and meet stakeholders expectations. #isqm1 #mgimena #mgiworld #auditingstandards #omanauditors #fsaoman #cmaoman

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Corporation Tax in the GCC: A Quick Comparison As businesses expand across the Gulf Cooperation Council (GCC), understanding the varying corporate tax rates and regulations is crucial. Below is a summary of corporation tax across GCC countries, highlighting key differences that can impact strategic decision-making. Key Takeaways: UAE has introduced a 9% corporate tax, making it competitive while offering incentives in free zones. Saudi Arabia distinguishes between foreign and local shareholders, with a 20% tax for foreign entities and Zakat for locals. Qatar and Oman offer lower rates with exemptions in specific sectors, making them attractive for foreign investments. Bahrain remains tax-free for most businesses, except in the oil and gas sector. Understanding these differences is essential for companies operating or planning to expand in the GCC. Strategic tax planning can lead to significant savings and better alignment with regional regulations. Imran Muhammad Ramzan Transformational CFO | Financial Strategist | GCC Tax Specialist #Tax #GCC #CorporateTax #BusinessStrategy #Finance #UAE #SaudiArabia #Qatar #Oman #Kuwait #Bahrain

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This is a welcome move between the Federal Tax Authority and Dubai Land Department aiming to ensure correct VAT is collected in the real estate sales. A process of data sharing between the entities allows FTA to perhaps track the sales and ensure correct tax treatment is applied in such sales, resulting in better compliance and enhanced tax collections. We have practically experienced that the FTA auditors while auditing real estate companies are now more incisive and asking for far more details, that allow them to go deep in the business structures and the nature of transactions. Dhruva Consultants https://lnkd.in/dXqsWySp

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The Gulf region's appeal to global family businesses as a base for expansion underscores the importance of tailored advice on succession and strategic growth, fostering development in sectors vital for future economies. https://pwc.to/3xaB5Dn World Governments Summit #WGS2024 #familybusiness

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In an era marked by enhanced regulatory provisions, robust Internal Controls over Financial Reporting (ICFR) emerge as a competitive advantage for financial leaders. Our upcoming EY event in Dubai on 27 and 28 May, 2024, ‘Balance & Beyond: Mastering Internal Controls for Market Leaders in Financial Reporting’, is geared towards navigating through the evolving landscape of ICFR, with a specific focus on UAE listed and governmental entities. Omar Odeh Firas Qoussous Hisham Dally, CIA, CRMA #EYMENA #ICFR #Assurance #EYCFOBreakfast #BetterworkingWorld

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Save the date for the EY Kuwait Annual Tax Seminar on 11 November 2024. EY Tax professionals will discuss the latest changes impacting business. #EYMENA #EYTax #Kuwait

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