VOLUME: 01 | ISSUE: 10 February 2016
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Editor in Chief Arshad Khan |
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Editor Sunil Kumar Singh |
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EDITOR’S FLOOR “I
n this world, nothing can be said to be certain, except death and taxes.” – Benjamin Franklin.
Benjamin Franklin was spot on in his assessment of both death
and taxes. But while taxes have been an enduring source of income for governments since ages, they’ve been far from being ubiquitous. Take the case of the GCC, perceived as a zero-tax region for long. Not anymore! As crude oil price reality kicks in biting deep into fiscal reserves and coffers, VAT has emerged as a credible option to diversify the oil revenue stream. With more than 140 countries have already implemented a full VAT regime at present, VAT has so far been quite unheard of in the Gulf region.
Tax time! This may seem obvious to many but firms and business establishments in the UAE may start taking preparatory steps to avoid a taxing time. While VAT seems to be still some time away, companies can try to figure out its impact, and get ready for it. Since VAT impacts almost every part of a business, business owners may take a holistic approach to deal with the challenges of ensuring that the organization is VAT ready.
Meet Gaurang Desai, CEO, Dubai Gold & Commodities Exchange (DGCX) in the ‘Face Value’ section of this issue. In an exclusive interview with Wealth Monitor, he says the exchange will create a lot more opportunities for local brokerage and trading community in the coming days. For DGCX, 2015 was the best year in its decade old history in terms of the volume traded on the exchange, clocking the record-breaking trading volumes of over 14.5 million contracts.
In the ‘Bulls Vs Bear’, officials from the big four accounting firms —
Stuart Halstead, indirect tax leader at Deloitte Middle East; Finbarr Sexton, Partner, Tax Advisory for EY Qatar; Jyothi Kasi, Partner, KPMG in the UAE; and Jeanine Daou, Partner & Middle East Leader for Indirect Taxes and Fiscal Policy, PwC — do brainstorming on how firms in the UAE can become VAT ready.
Happy reading!
ARSHAD KHAN
Editor in Chief |
arshad.khan@
semantics.ae www.semantics.ae |
www.wealth-monitor.com
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