KPMG to hold workshops on VAT implementation

KPMG in Saudi Arabia is organizing a series of workshops in Alkhobar, Riyadh and Jeddah presenting the latest updates on the Jan. 1 implementation of the Value-Added Tax (VAT). Titled “A Clearer VAT Perspective,” the workshops will review the implementation of the VAT, its effect on the financial landscape of Saudi Arabia and the latest updates regarding its roll-out.
The workshops will take place in Alkhobar on Feb. 6, Riyadh on Feb. 8 and Jeddah on Feb. 11.
The workshops confirm KPMG’s role as one of the “best resourced professional service networks” in the region.
“We are determined to continuously raise awareness among business owners and senior officials in various aspects of economic and trade developments in the Kingdom,” said Ebrahim Baeshen, office managing partner in Jeddah head of tax at KPMG in Saudi Arabia.
“The workshops will help companies create a full and in-depth understanding of new regulations that are to be sequentially activated, making them better able to deal with market changes and advance their business activities,” he added.
As the Kingdom’s leading accounting and financial adviser firm, KPMG said it aims to play a major role in supporting the private sector as the country undergoes an economic transformation designed to elevate the role of private business in the Kingdom’s economic growth. “A Clearer VAT Perspective” will deal with both the mechanics of the new tax and some of the initial reactions.
“The introduction of VAT can be underestimated in terms of the impact on the business,” said Nick Soverall, head of VAT at KPMG in Saudi Arabia, “There is an immediate need to enhance accounting systems, train staff and to improve processes and controls. However, effective management of the VAT requires constant attention because of the potential volumes of transactions and the wide variety of transactions undertaken. Businesses need to limit errors to avoid being penalized.”
KPMG in Saudi Arabia plays a leading role in educating and preparing the markets to deal with changing dynamics and trends including the new complex tax and regulatory requirements in the Kingdom, where the KPMG tax practice is growing across the region with the VAT as a key priority. These workshops will explore the implementation of the VAT and the consequences for business operations and the Kingdom.