KUWAIT CITY, May 1: Chairman of the Board of Directors of Kuwait Association of Accountants and Auditors (KAAA) Sabah Al-Jalawi has stressed the importance of raising awareness on tax and ensuring full understanding of the mechanisms for its implementation in institutions. In his speech at the opening of the First Gulf Forum on the Future of Tax Systems held Wednesday with the theme, “Spreading Tax Awareness and How Institutions Can Implement It,” Al-Jalawi asserted that this responsibility requires the concerted efforts of all relevant parties, including government agencies, the Ministry of Finance and civil society organizations. Representatives of the Ministry of Finance and numerous government and private entities attended the forum, during which Al-Jalawi affirmed that KAAA has always been committed to raising the level of the accounting and auditing professions, developing national competencies, and stimulating innovation to serve institutions and entities in the public and private sectors. He also underscored the need to cooperate with government agencies and private entities to develop and strengthen the aforementioned professions. He pointed out that the one-day forum will contribute to the exchange of expertise and exposure to best regional and international practices in the field of tax systems, as well as produce plausible recommendations for the development of these systems, while enhancing their role in serving the national economy and that of other Gulf Cooperation Council (GCC) countries. He asserted this is important given that the conference is being held at a critical time, when the Gulf region is witnessing rapid economic and development; hence, the need for the development and modernization of the financial and tax systems to keep pace with such aspirations. He added the modern tax systems are the main pillars in ensuring financial sustainability and promoting economic and social development. On the other hand, Chairperson of the forum’s Scientific Committee Dr. Jumana Al-Sayrafi who is also a faculty member at Kuwait University, disclosed that the forum focused on the economic development, tax and financial systems and policies. She said “we are currently witnessing many local, regional and international transformations; particularly concerning financial and tax policies that necessitate the development of an ambitious plan with clear objectives. Kuwait has laid down a plan to improve government performance and direct national resources toward achieving the desired goals. The plan includes an integrated system of development documents.” She cited the five-year plan, which outlines the long-term development paths of the country through mechanisms, means and projects that ensure the achievement of development goals in the long and medium terms; as well as the provision of appropriate infrastructure, financial legislation and a business environment conducive to development.

By Najeh Bilal
Al-Seyassah/Arab Times Staff