EY hosts seminar on regulatory changes – Focus on ‘Family Owned Businesses’

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Photo from the event
Photo from the event

KUWAIT CITY, Dec 27: EY hosted a seminar on the ‘Family Owned Businesses and recent developments affecting Kuwait based enterprises at the JW Marriott Hotel, in Kuwait City. Over 80 senior executives representing regional and international  in Kuwait attended the conference.

The conference featured discussions on how Kuwait is coping with the global and economic changes and further elaborated on key developments in the region. The conference covered Kuwait government’s plan to introduce the Business Profit tax and the Value Added Tax (VAT), along with the expansion of the tax treaty network and WHT exemptions that will come into effect shortly. There was also a detailed analysis of the local impact of FATCA, UK CDOT (UK FATCA), and the OECD’s Common Reporting Standard (CRS).

Alok Chugh, Partner, Tax, EY Kuwait, said: “By recognizing the recent global economic situation and anticipating the oncoming regulatory changes, companies could alter their approach without compromising their growth Family Owned Businesses and Kuwait enterprises should be proactive and take advantage of these legislations by learning ahead of time and adapting their practices early, giving them an edge over their competitors.”

The conference was aimed at helping family owned businesses, financial and non-financial Kuwaiti institutions familiarize themselves with the recent changes. The changes in the regulatory environment and the implementation of the new global information exchange regulations prompted businesses to consider their future prospects, and develop mitigating strategies to avert risk and to continue thriving in their practices.

 

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