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RSM Albazie & Co. underlines crucial information for Kuwaiti businesses during exclusive VAT seminar
October 24, 2017, 4:08 pm

RSM Albazie & Co., a member of the sixth largest network of independent audit, tax and consulting firms ‘RSM International’, recently held an in-depth VAT seminar that underlined the possible financial implications, risks, and strategies for Kuwaiti businesses once the VAT framework has been applied in Kuwait.

The seminar was held at the JW Marriott Hotel – Kuwait and was attended by key financial institution representatives, business owners, and delegates from various industries and was led by Martin Dane, Associate Director of VAT and Indirect Taxes, RSM UK.

During the intensive 1-day seminar, Mr. Dane focused on highlighting critical factors of VAT that has not been addressed in Kuwait yet, such as the obvious cash flow issues, corporate finance transactions and acquisitions, contracts and their protection against VAT risks, international issues that include cross-border transactions, and exempt or partly exempt business issues.

Bringing more than 35 years of experience in VAT and indirect taxation, Mr. Dane stressed that although Kuwait and its regulators has yet to issue an official VAT legislation, the preparation and awareness of the possible risks that VAT might bring to the entire economy is extremely important.  An example of one significant long-term risk once VAT is applied is the potential errors it may have in collecting and accounting for the tax that could leave companies liable for the cost.

“As we prepare to face VAT in early 2018, it is our role to underline the factors that many may not be aware of regarding VAT especially that the official legislations haven’t yet been announced by Kuwait. Businesses will definitely be affected, as well as the entire economy, and as pioneers in the audit and tax sector we feel that we are committed to provide absolute transparency of the upcoming economic situation to our clients and market as a whole,” commented Mr. Dane.

Mr. Dane added: “It is essential that SMEs are made fully aware of the impact and implications that VAT could have on their business if in a poor preparatory position, some of the implications they might face include severe operational, financial, and legal issues.”

From his end, Nayef Al-Yaseen, Partner at RSM Albazie & Co said: “We constantly seek to provide effective seminars led by RSM’s international experts for our clients and stakeholders to further equip them with the best financial practices and latest trends on a global level. During these very challenging economic times, and particularly with the possibility of VAT being applied in Kuwait, our commitment towards providing adequate consultancy services to tackle potential risks, is essential. We believe that Martin Dane’s experience in VAT and Indirect Taxes has served as an ideal platform with regards to the topics discussed during the seminar. The outcome of the programme was very successful, which drives us to look forward to hosting similar events in the future.”

RSM Albazie & Co has worked with clients from various industries which include Construction and Real Estate, Hospitality, Aviation, Oil and Gas, Banking and Financial Services and Healthcare amongst others. Established in 1963, RSM Albazie & Co. is considered to be among the oldest accounting and advisory firms in Kuwait, with more than 50 years of experience.

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