Significant new developments in the MENA region are impacting tax outcomes, compliance procedures of companies and promoting better transparency.
Presentations by Ernst & Young MENA Tax Leaders at a seminar in Houston, Texas, highlighted that tax authorities in the region have begun to depart from earlier accepted and expected tax norms. Nearly 100 tax decision-makers from major multinational organisations from across the US and Europe took part in the event.
Other topics presented include a general overview of the MENA tax landscape as well as country-specific tax updates. "The MENA taxation environment has become increasingly disparate with different countries diverging from earlier established norms and practices to tailor their policies according to changes they have undergone or anticipate," said Ernst & Young Middle East tax leader Sherif El Kilany.
There has been a recent clampdown on corruption in some countries which has resulted in more transparent, business-friendly and reform-minded government initiatives. "As change becomes the new norm, companies in the region need to stay more agile so that they can rapidly respond to these shifts in policy."
