Tax Reimagined

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An event by KPMG in Kuwait addresses new developments in global and local tax environment

Kuwait, March 2020: Tax is at the forefront of negotiation and debate, and continues to drive decisions on policy, trade, strategy and business transformation around the world. To address new challenges in relation to rapidly-changing tax compliance regulations, KPMG in Kuwait held its annual tax conference, this year with the theme of Tax Reimagined.  Various sessions offered insights on how the tax function is being reimagined to keep pace with evolving regulations and the impact of digitalization.

Throughout the event, participants viewed demonstrations of KPMG Tax Technology Tools, cementing KPMG’s market leadership in technology solutions.  This included live demos of workflow management tools to assist companies to streamline processes.  Participants were able to experience KPMG MyPay App which is an employee focused single instance HR Solution whereby companies can engage employees through their mobile devices (either iOS or Android) to provide several functions, including monthly pay slips, notification of salary payments and approval of medical/expense claims. 

Regional tax experts, Stuart Cioccarelli, Partner and Head of Tax from KPMG in the UAE and Barbara Henzen, Partner and Head of Tax from KPMG in Qatar joined our local experts to debate the ways in which regional trends in tax may impact Kuwait, the future of the tax function, M&A, Base Erosion and Profit Shifting (BEPS), VAT and the impact of technology.  Specific areas of focus during the discussion were the economic substance rules that have been recently introduced in the UAE and the recent changes in the Qatar tax regulations.

Detailed session on specific Kuwait tax matters was chaired by Zubair Patel, Partner and Head of Tax for KPMG in Kuwait.  The session discussed practical challenges and implications from industry experts and from the KPMG tax team, covering topics such as tax retentions, tax treaty application and tax inspection processes.  Zubair Patel said: “There is a paradigm shift in dealing with tax authorities everywhere as global and regional concepts flow down to a country level approach. Foreign companies operating in Kuwait and local companies need to be well prepared for greater tax scrutiny.”   

Fahim Bashir, Tax Partner from KPMG in Kuwait, chaired a session on Doing Business in Kuwait together with panelist from the UK and Turkish Embassies in Kuwait.  The session discussed the opportunities Kuwait has to offer, various operating structures available to foreign companies wishing to do business in Kuwait, related tax matters and practical commercial considerations.  Fahim Bashir said: “When companies decide to do business in any jurisdiction a full and proper due diligence is required to understand the various complexities involved. This is also true of Kuwait and it will enable companies to be better prepared.  It was great to have Shikha Tiwari, Director of the Department of International Trade from the UK Embassy in Kuwait and Atilla BAŞBUĞ from the Turkish Embassy in Kuwait to provide their perspectives and experience.”

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