11th May 2020
As regular contributors, our members have once again featured in the monthly publication of the International Accounting Bulletin (IAB).
In April’s edition, which focuses particularly on the Middle East, Khaled Al Bassam from Saudi Arabia, and Faiyaaz Rajkotwala from Dubai, give their thoughts on tax reforms and tax reporting, respectively.
Speaking of how tax reforms have boosted accountancy activity in Saudi Arabia, Khaled Al-Bassam, discusses increased demand for tax services following the introduction of value added tax, transfer pricing and excise tax.
“The government’s efforts to diversify the economy have impacted the profession by increasing demand for services, as additional types of taxes have been added and foreign investments have become easier.”
Khaled suggests that these efforts are a major factor in Saudi Arabia moving up to 62nd in the World’s Bank’s doing business ratings, where it is now the fourth highest-ranked country in the MENA region.
In an article which talks about how growing financial scrutiny has led to increased demand for audit and accounting services in the UAE, Faiyaaz makes several observations about the UAE’s requirements for mandatory submissions of audited financial statements. He notes that many providers of tax and auditing services are unlicensed, adding to pressure on fees but also resulting in penalties for inaccurate information.
“We have had many instances of clients visiting us after having incurred penalties from the Federal Tax Authority due to incorrect advice received by non-licenced firms operating in the country.”
Al-Hamli Group CPA & Consultants and Mohamed A Al-Haij & Co represent MGI Worldwide with CPAAI in Saudi Arabia, ranking in 2nd position in terms of total fee income/growth, and 3rd in relation to staff data.
In the UAE, our member firms MGI Salim Rajkotwala & Associates, Intuit Management Consultancy and M&M Al Menhali Auditing hold 4th position in the top international accountancy associations, with AED 12.3 million in fee income last year. MGI Worldwide with CPAAI is 3rd among the UAE’s top accounting associations in terms of staff numbers.
A big congratulations to our MGI Worldwide with CPAAI Saudi and UAE-based member firms!
To read April’s edition of the IAB, as well as past issues, log in to the Member Area of the website and click on Key International Organisations at the bottom of the left-hand menu.
MGI MENA is part of MGI Worldwide with CPAAI, a top 20 ranked global accounting network and association with 10,000 independent auditors, accountants and tax experts in some 460 locations in almost 100 countries around the world.