By Staff writer
Al Tamimi & Company establishes dedicated tax practice ahead of Gulf region bringing in VAT in 2018
Al Tamimi & Company, the largest law firm in the Middle East, has established a dedicated tax practice ahead of the introduction of value added tax across the Gulf region in early 2018.
The legal giant also announced the appointment of Shiraz Khan as senior tax advisor.
The company said in a statement that the move comes as global tax landscape are shifting significantly with governments in many countries facing budget deficits.
This has led to changes in tax policies at both international and governmental level and resulted in changes to tax laws and stricter enforcement strategies on a global scale.
A recent report by EY said half of GCC-based companies have not started to prepare for the launch of 5 percent value added tax in the region next year.
Only 11 percent of businesses said they have evaluated the changes that are needed to their financial, operational and information technology processes ahead of the introduction of VAT in January 2018.
Led by Ahmed Ibrahim, partner and head of Capital Markets, the new tax team will provide and manage cross border tax advice to multinational corporations, financial institutions, sovereign wealth funds, private equity groups, investment funds, real estate investment houses, family offices, joint ventures and other regional organisations.
As well as VAT issues, the service offering will include inbound tax advisory, international tax structuring and planning, mergers & acquisitions tax, tax disputes and litigation and tax risk management
Husam Hourani, managing partner at Al Tamimi said: “With the imminent introduction of VAT in the GCC from 2018 and the increasingly complex global and regional corporate tax landscape that impacts businesses in the Middle East, we are very confident that our new tax practice will enable Al Tamimi to provide even greater value to our clients.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.