Office No. 1214-1215, 12th Floor JAFZA One – A
October 13, 2023
October 13, 2023
Surandar Jesrani is the CEO of MMJS Consulting in Dubai, steering businesses toward successful VAT implementation in the UAE and GCC since 2017. Before MMJS, he managed finance and taxation at a top Private Equity Group and sharpened his international taxation skills at Infosys and General Motors. An alumnus of The Institute of Chartered Accountants of India, Surandar specialises in Accounting, Finance, and International Taxation.
August 10, 2023
Surandar Jesrani of MMJS consulting in Dubai shares his thoughts on the implication of UAE’s corporate tax update with eprivateclient magazine. Read the full article here or the summary below.
The United Arab Emirates (UAE) has long demonstrated its commitment to international tax transparency standards, notably as a member of the Organization of Economic Co-operation and Development (OECD). Here’s a glimpse into the recent evolution in the UAE’s tax scenario.
OECD’s 2015 Base Erosion and Profit Sharing (BEPS) Action Plans aimed at preventing Multi-National Enterprises (MNEs) from employing strategies to lower their tax liabilities across jurisdictions. Nonetheless, as the initial BEPS strategies weren’t wholly suited to the challenges of a digital economy, the OECD introduced an Inclusive Framework (IF) in 2021. This two-pillar model proposed that MNEs should pay a minimum corporate tax of 15% in every jurisdiction.
The UAE, endorsing this global tax framework initiative, joined a consensus with 139 other countries. In alignment with its OECD obligations and its vision of positioning itself as a leading global business hub, the UAE announced a federal corporate tax on business profits in 2022.
UAE’s corporate tax regime adheres to universally acknowledged principles ensuring:
Effective from 1 June 2023, the UAE corporate tax law encompasses 20 chapters and 70 articles detailing the scope, application, and compliance rules. All business and commercial activities, undertaken by individuals or entities, fall under this tax regime, divided into resident and non-resident classifications.
Moreover, all business-active individuals and legal entities will need to register under the UAE corporate tax law.
Certain entities can avail tax exemptions, like the UAE government entities, qualifying public benefit entities, qualifying investment funds, and some specific entities as designated by the Minister.
Depending on the size and type of business, the UAE corporate tax rates vary:
MNCs, until the full adoption of Pillar Two rules by the UAE, will be taxed under these regular corporate tax rates.
Entities are required to file tax returns within nine months post the close of a tax year. While there are provisions for withholding taxes on specific domestic and foreign payments, currently, it stands at zero per cent.
UAE’s introduction of corporate tax is a strategic move in its journey as an OECD IF member, especially concerning the global minimum tax proposed by BEPS Pillar Two. With a 9% tax rate, the UAE remains an attractive proposition when compared to other tax jurisdictions. Furthermore, the UAE tax law’s foundation on internationally practised principles ensures a streamlined transition for businesses accustomed to similar laws elsewhere. As a result, many enterprises may re-evaluate their corporate structures to maximize genuine tax benefits under this new regime.
If you would like to speak to one of our UAE taxation experts, please get in touch.
July 7, 2023
Read our July Client Update 2023, with a wealth of insights from our experts across the network.
Read, share, and let us know your thoughts!
Kreston Global Chief Executive, Liza Robbins, discusses the challenges of doing business internationally, as we enter a “low-growth, low-investment and low-cooperation era” in an interview with Raconteur.
VAT expert, Luc Heylens from the Kreston MDS network in Belgium, discusses the VAT in a Digital Age package. This package is a set of measures developed to modernise and make the EU’s Value-Added Tax (VAT) system work better for businesses and more resilient to fraud by embracing and promoting digitalisation.
In an article published by the International Accounting Bulletin, Doron Rozenblum from Kreston IL in Israel and Herbert M. Chain from CBIZ MHM in the US elaborate on the profound changes sweeping across the profession, driven by the adoption of cloud technology and the emergence of digital assets such as cryptocurrencies.
Investments in Africa are rising, particularly within the burgeoning African “green economy”. Tarek Zouari, the Managing Partner and founder of Exco Tunisia highlights this area as a prime opportunity for foreign investors in an interview with Wealth Briefing Magazine.
Doron Rozenblum, Kreston IL, was featured in Accounting Today, sharing insights on why internal audit is the key to cyber risk management.
Dr J.P. Gupta, Chairman of the Kreston SNR Advisors LLP Board in India, has been appointed chair for the upcoming International Climate Summit: 2023.
This summit, taking place on 14 and 15 September 2023 in New Delhi, will explore utilising green hydrogen and alternative fossil fuels.
With a focus on the theme “Sustainability Through Green Growth,” this event aims to gather global leaders and experts to engage in meaningful discussions about combating climate change. The event already has over 58,000 online registrants.
Read the latest guidance in your region from our experts from the Kreston Global ESG Committee.
ExxonMobil, Mauritania
Exxon Mobil, one of the world’s largest oil and gas companies, appointed member firm Exco GHA Mauritanie to carry out accounting, tax and payroll services for three of their subsidiaries in Mauritania.
If you are interested in expanding into Mauritania, read the latest tax guide and investment advice, written by experts from EXCO GHA Mauritanie.
Doing business in The Netherlands
This useful new guide offers practical insights and tips to facilitate a smooth transition into the Netherlands business landscape.
Doing business in Chile
The comprehensive, 62-page guide offers legal and regulatory frameworks, financial activities, industry-specific scenarios and more.
Stuart is an FCA-qualified chartered accountant with more than 10 years of practical accounting and audit experience.
He leads the technical developments for Duncan & Toplis. This covers audit, financial reporting and maintaining quality of work.
He has recently been appointed to Duncan & Toplis’ operations board and become a member of the ICAEW’s influential Ethics Advisory Committee. Stuart also sits on the Kreston Global ESG Committee.
June 28, 2023
Sector: ESG
On 26 June 2023, The International Sustainability Standards Board (ISSB) issued its first two reporting standards, IFRS S1 and IFRS S2.
The issuing of these inaugural standards signifies the “ushering in a new era of sustainability-related disclosures in capital markets worldwide”.
One of the most significant limiting factors to the effectiveness of climate reporting has been the number of different bases on which entities report on. There has been a desperate need for global consistency. It is hoped that the release of these standards will be a turning point for the disclosure of climate-related risks and opportunities specific to individual entities.
These first two standards build on the ISSB’s objectives to;
S1 covers the general requirements for disclosure of sustainability-related financial information.
S1 sets the scene for the specific requirements of S2 and for future sustainability standards covering areas other than climate.
S1 adopts the structure of the Task Force on Climate-Related Financial Disclosures (TCFD). S1 also refers to other standards and frameworks in the absence of a specific ISSB standard.
The standard’s main objective is to “require an entity to disclose information about its sustainability-related risks and opportunities that is useful to users of general-purpose financial reports in making decisions relating to providing resources to the entity.”
There is a requirement that an entity discloses information about all such risks and opportunities that could reasonably be expected to affect the entity’s prospects.
S1 prescribes how an entity prepares and reports such disclosures, setting out general requirements for the content and presentation of those disclosures so that the information is useful to the users of that information.
In particular, the standard requires that an entity provides disclosures about:
S2 covers the specific requirements of climate-related disclosures.
The main objective of the standard is to “require an entity to disclose information about its climate-related risks and opportunities that is useful to users of general-purpose financial reports in making decisions relating to providing resources to the entity.”
S2 also incorporates the TCFD recommendations and guidance and includes a requirement to provide industry-specific disclosures. Industry-specific metrics are included as illustrative guidance, taken from SASB standards.
S2 specifically applies to:
In particular, the standard requires that an entity provides disclosures about:
Both standards are effective for periods beginning on or after 1 January 2024, early adoption is permitted as long as both standards are applied.
Adoption of the standards is voluntary. However, local jurisdictions may make their adoption mandatory for certain classes of entities.
At this stage there are no specific assurance requirements in place. However, analysis provided by IFAC would indicate that of the entities reviewed that did report some ESG information, over 50% have obtained some level of assurance on that information between 2019 – 2021.
Assurance has been gained from the entity’s auditor (who provides the majority) and other service providers.
Although there are no specific international ESG assurance standards currently set, the majority of assurance work was performed under ISAE 3000 (revised). The vast majority of reviews obtained limited assurance with c10% obtaining reasonable assurance.
The ISSB will be promoting the standards worldwide, working with local jurisdictions and focusing on the standard’s connectivity with financial statements. There is also currently a public consultation on four projects to further understand the standard-setting priorities covering ecosystems, human capital, human rights and integration in reporting. Further standards covering other elements of ESG are likely to follow.
In addition to the ISSB standards, EFRAG has been developing the European Sustainability Reporting Standards (ESRS – 12).
These standards have a mandatory implementation for applicable entities with a progressive phase-in period over several years, with early adoption being encouraged.
The standards have a comprehensive coverage of ESG matters, not just focusing on climate to start with.
The standards have the concept of double materiality and the ESG reports must be made in the management report, at the same time as the financial statements.
The standards also have a mandatory assurance element, starting as limited but moving to reasonable over time.
EFRAG is working with the ISSB to promote interoperability.
The European standards certainly seem to have built on the international ones so far, and are mandatory with a mandatory assurance element.
The introduction of the two SS standards is a pivotal moment in the reporting of ESG matters.
They provide a basis for international comparability and help bring ESG matters to the forefront of investors’ decision-making.
More will follow but this is a vital moment in the battle towards net zero. Read more about global ESG developments on our sustainability hub.
Doron is the Managing Partner of Kreston-Ezra Yehuda-Rozenblum in Israel, leading the Risk Advisory Services division. With over two decades of experience in risk management and internal auditing, he excels in identifying operational risks and enhancing internal audit efficiency. Doron is also the Vice President of The Institute of Internal Auditors in Israel. He has a broad experience in all aspects of accounting, auditing and financial management. Direct experience with oil & gas, real estate, financial consulting and venture capital.
Herb is a highly experienced auditor and is a financial expert with over 45 years of experience in business, accounting, and audit, having served as a Senior Audit Partner at Deloitte. He holds certifications from the National Association of Corporate Directors and the Private Directors Association, with knowledge of private company governance and effective risk management. He has extensive knowledge in the financial services sector, including asset management and insurance.
Contact Herb here
In an article recently published by the International Accounting Bulletin, Doron Rozenblum and Herbert M. Chain, elaborate on the profound changes sweeping across the profession. These changes are primarily driven by the adoption of cloud technology and the emergence of digital assets such as cryptocurrencies. To read the full article, read the latest audit and assurance supplement by the International Accounting Bulletin (paywall), or read the summary below.
As the authors point out, the widespread adoption of cloud technology in recent years has significantly transformed the accounting landscape. Businesses are capitalising on the numerous benefits offered by cloud-based accounting systems, including improved accessibility, cost-efficiency, and scalability. Real-time collaboration, streamlined workflow, and faster financial reporting have been made possible due to this technology.
Nonetheless, this digital transformation also introduces challenges in maintaining data integrity, security, and privacy. With financial data being stored on remote servers, it’s imperative that stringent security measures are employed by cloud service providers. Moreover, accountants need to acquire the necessary technical skills to effectively navigate and integrate these cloud platforms.
Cryptocurrencies, a notable example of digital assets, are also playing a significant role in reshaping the future of accounting and attestation. While they provide alternative forms of digital currency offering transparency, security, and efficiency, their volatile nature poses challenges in valuation and recognition. Furthermore, concerns surrounding the ownership and control of cryptocurrencies necessitate the development of enhanced attestation services.
Blockchain technology, which underpins most cryptocurrencies, presents unique opportunities for accountants. It can facilitate the auditing of smart contracts and cryptocurrency transactions for accuracy and compliance. However, this also necessitates the development of an understanding of blockchain protocols, and the skills needed to audit clients engaged in the digital asset space.
The convergence of cloud technology and digital assets signifies a shift in the accounting and attestation landscape. While it offers enhanced capabilities, it also requires professionals to equip themselves with new skill sets, knowledge, and a proactive approach to addressing concerns related to data security and regulatory compliance. The opportunities these technological advancements present for accountants to position themselves as trusted advisors in the digital age of finance are significant.
In a case study discussed in the article, a digital asset technology firm required Service Organisation Control (SOC) 1 Type II and SOC 2 Type II examinations. These examinations provide opportunities for accountants to engage in attest work. Specifically, these opportunities arise in the independent evaluation of a client’s controls and processes that may impact its customers’ financial reporting (SOC 1), and the assessment of the client’s security controls and availability of their platform (SOC 2).
Moreover, the readiness assessment stage involves accountants assessing the client’s current operations and determining its preparedness to maintain an annual SOC. This involves identifying existing controls, determining which controls should be in place, and identifying gaps for remediation.
During the examination phase, accountants verify the scope of the SOC examinations, confirm changes to control areas, and identify the client’s controls through walk-throughs, observations, and inspections of evidence. They then test the suitability of the design and operational effectiveness of controls.
Overall, these processes highlight significant opportunities for accountants in attest work, offering them a chance to play a crucial role in evaluating and enhancing the effectiveness of clients’ controls and processes.
*The original article was authored by Doron Rozenblum, Chair of Kreston’s Global Internal Audit and Risk Group and Managing Partner at Kreston EYR, Israel, and Herbert M. Chain, Assistant Technical Director for Kreston’s Global Audit Group and Director at CBIZ MHM, USA.
April 19, 2023
April 18, 2023
Carmen Cojocaru is a highly qualified professional with extensive experience in the fields of accounting, audit, tax, and business process outsourcing. Additionally, Carmen’s involvement with the ESG committee and Kreston Global highlights her commitment to promoting ethical business practices and fostering sustainable growth within the industry.
April 13, 2023
Sector: ESG
Experts in our ESG committee comment on the progress of ESG in the Middle East, exploring the implications of new legislation and how it is changing doing business in the region.
ESG reporting is becoming increasingly important in the Middle East and North Africa, as investors and governments look for companies that are committed to sustainability. In this article, we will take a look at ESG reporting across the MENA, with a focus on Saudi Arabia, UAE, Turkey, Egypt, and Israel.
As stakeholders and investors seek greater transparency, the popularity of ESG is on the rise. According to Global Sustainable Investment Alliance 2020 biennial report, at the start of 2020, sustainable investment reached USD35.3 trillion for the five major markets United States, Canada, Japan, Australasia and Europe, a 15% increase in the past two years (2018-2020) and 55% increase in the past four years (2016-2020). This is expected to grow to $100 trillion by 2025.
The Middle East is not immune to this trend. Here are some ways that transparent, principles-driven businesses can benefit from this trend:
Some of the world’s leading ESG investors are already active in the region. For example, BlackRock, the world’s largest asset manager, has committed to investing $500 billion in sustainable assets in the Middle East over the next five years. This growing interest in ESG is driving demand for ESG reporting from companies in the Middle East. However, the region is still lagging behind other parts of the world regarding ESG reporting.
A recent study by PwC found that only 42% of companies in the Middle East have a standalone ESG report. This compares to 73% of companies in Europe and 69% of companies in North America. The study also found that companies in the Middle East are more likely to report on environmental factors than social or governance factors. This is likely due to the fact that environmental issues are more visible and measurable than social or governance issues. The report commented:
“Environmental issues are increasingly coming to the fore as governments in the region seek to transition from oil and gas. In the run-up to the COP26 Climate Change Conference in Glasgow, the United Arab Emirates committed to net-zero carbon emissions by 2050; Saudi Arabia and Bahrain also pledged to achieve net zero by 2060.“
“Social values, such as supporting communities, are also important for businesses in the region. This commitment was seen clearly during the pandemic when family businesses in the region actively championed initiatives to help their people, suppliers and local communities. According to the results of PWC’s Middle East Family Business Survey (2021), 84% of the region’s family businesses retained as many staff members as possible, 56% took action to support the local community and 45% provided financial support or loans to their employees.“
“Governance standards and codes are already adopted in the region and are increasingly an area of focus. A review in 2014 by the OECD highlighted that several countries in the region had issued governance codes and guidelines for banks, insurance companies, state-owned enterprises, securities companies, and small and medium-sized enterprises (SMEs). Central banks, capital market authorities and corporate governance institutes issue these guidelines and codes. As the ESG agenda advances in the Middle East, some banks in the region are beginning to screen their investment products and loan portfolios for climate impacts, illustrating how governance is in constant evolution in the region.”
Despite the challenges, there are a number of opportunities for companies in the Middle East to improve their ESG reporting such as adopting international standards such as the Global Reporting Initiative (GRI) or the Sustainability Accounting Standards Board (SASB) to help provide a framework for companies to report on their ESG performance in a consistent and comparable way. Sustainability Disclosure Standards being issued by The International Sustainability Standards Board (ISSB), where it has issued two exposure drafts:
1. IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information
2. IFRS S2 – Climate-related Disclosures
The standards will likely become effective starting January 2024 and are expected to be issued by the end of Q2 2023.
Another opportunity is to engage with investors and other stakeholders. Investors are increasingly looking for companies that are committed to sustainability. By engaging with investors, companies can better understand their expectations and develop ESG reporting that meets their needs-High-quality reporting is directly related to increased value for an entity’s stakeholders. Entities with strong ESG performance, for example, are often perceived as lower-risk investments, making them more appealing to investors.
Finally, companies can also use ESG reporting to attract and retain employees. Millennials and Generation Z are increasingly interested in working for companies that are committed to sustainability. By reporting on their ESG performance, companies can attract and retain top talent.
In conclusion, ESG reporting looks increasingly important in the Middle East. Companies in the region can improve their ESG reporting by adopting international standards, engaging with investors and other stakeholders, and using ESG reporting to attract and retain employees.
Here are some specific examples of ESG reporting from companies in the Middle East:
The challenge is to eliminate energy poverty as well as to keep the goal of capping global warming at 1.5 degrees Celsius alive.
These are just a few examples of the many companies in the Middle East that are taking ESG reporting seriously. As the demand for ESG information continues to grow, we can expect to see even more companies in the region publishing ESG reports. It has to be mentioned that ESG reporting has been made mandatory for the Public Joint Stock Companies in the UAE. EY Carbon – a strategy to decarbonise businesses by developing a credible plan to achieve net zero – is highly focussed in the region.
Companies need to consider that ESG is supported by a generation that values its principles, and this factor makes the framework an increasingly sought-after component of modern business.
March 23, 2023
Kreston Global has maintained its 13th position in the International Accounting Bulletin world survey. Kreston Global continues to enjoy steady growth, with a 4% turnover increase in 2022.
The network has attracted a record number of new firms in recent years and US firm CBIZ MHM has contributed significantly to the growth with key strategic acquisitions, including New York–based Marks Paneth, helping to propel CBIZ MHM from 13th to 8th position in North America regional rankings.
Liza Robbins, Kreston Global Chief Executive commented,
“We are delighted to have retained our global position, although our focus continues to be on delivering real benefits to firms to help them grow and thrive, and less about global rankings.
The fast pace of development of Kreston Global led to a new strategic plan being unveiled in 2021, which embraces the network’s wider purpose-led approach. The new firms that have joined us over the last 12 months have only enhanced the strong ties that connect our firms to each other.
2023 looks set to be another strong year of member growth, with excellent firms interested in joining the network.”
If you are an ambitious, internationally-focused firm that is interested in joining Kreston Global as a member, you can fill out a form to apply to start your application.
January 23, 2023
LONDON – Kreston Global has begun 2023 by welcoming eight new member firms on four continents: India, Uganda, Lebanon, Japan, Croatia, Bangladesh, Chile and Taiwan.
The eight new member firms are:
Kreston Croatia was founded by Managing Partner Ivan Pečur who has worked in a number of international accountancy organisations over the last 16 years as an audit partner. He is joined by two other partners.
Bhatia & Bhatia was founded in 1981 and provides audit, tax and accounting services to a range of domestic and international clients. It works closely with a broad base of affiliated chartered accountant firms across all major cities in India.
Kreston HM was founded by Managing Partner Hitesh Mehta in 2005. It provides audit, accounting services and tax advisory to international and local clients from its offices in Kampala and Jinja. It has three partners and 45 staff.
Accurate Accounting & Audit was founded in 2021 and is led by four certified auditors. It has over 20 staff based in its central Beirut offices, providing services to corporate and private clients across the construction and building supplies, professional partnerships, hospitality, retail and sports sectors.
Maria Howlader and Co is based in Dhaka, Bangladesh and comprises 34 employees and offers audit, accounting and tax services to international businesses and foreign subsidiaries based in Bangladesh and overseas.
Kreston ATC Chile is a newly established firm in Chile, based in Santiago. The firm has 24 staff and five partners, and is led by Managing Partner Hans Caro. The firm is made up of previous Kreston partners including Ricardo Gameroff who is already involved with the Kreston network through the Global Audit and Quality
Groups. The firm has a number of international clients and specializes in external and internal audits, taxes, risk advisory, forensics, payroll and bookkeeping.
Top New & Co is based in Taipei, Taiwan and is returning to the Kreston network after a few months away. Run by Yashu Hung, who is the lead audit partner, together with two other audit partners and a staff of 20, they offer audit and accounting services to a range of privately owned and not-for-profit organisations.
2022 saw Kreston Global holding its hugely successful network-wide conference in Madrid, the first in-person conference the network has held since the pandemic began. 2022 also saw the launch of its first Environmental, Social and Governance Advisory Committee, launch of new international steering groups for Internal Audit, Transfer Pricing and Life Sciences, and lastly a flagship thought leadership report, ‘The Interpreneur Mindset’.
Liza Robbins, Chief Executive of Kreston Global, said:
“It is with great pleasure that I welcome our latest joiners to the Kreston Global network. To have eight firms join in a short period is a major achievement, but to have eight firms of this calibre join is a significant testament to our depth and breadth.
“In recent years we have spent a great deal of time evaluating and fine-tuning our strategy. We have listened closely to our members, working with them on a range of areas and launching a number of exciting new initiatives. I am excited to move into 2023 with both our existing and new colleagues as we continue to develop our proposition to the entrepreneurial business community.”
Get in touch to talk about how Kreston Global firms can help your expanding business in these eight countries.
December 19, 2022
Sector: Finance
Kreston’s Global Indirect Tax Group has welcomed a new regional director. Ankur Jain leads the indirect tax practice at MMJS, part of Kreston Menon, our member firm in the UAE.
In accepting the role Ankur Jain said:
“It is an honour to be appointed as the Middle East regional director of the Global Indirect Tax Group (GITG), particularly when Indirect Tax was introduced in many countries in the Middle East. In this fast and ever-changing tax landscape in the region, this opportunity brings a unique opportunity for me to share knowledge, build partnerships, work on referrals, and ultimately add value to our clients and Global Indirect Tax Group (GITG).”
Ganesh has extensive experience of more than 30 years in providing specialist tax services, particularly to large privately owned groups, with particular strengths in the property, retail, healthcare and hospitality industries. He has supported various entities with specialist advice on tax-effective structures and restructures, cross-border transactions on account of outbound and inbound India investments, mergers, acquisitions and divestments. Ganesh has also worked with stakeholders across businesses to deliver solutions such as tax due diligence, tax consolidation and restructuring of large family businesses in the Middle East, Asia, and Singapore.
Surandar Jesrani is the CEO and Managing Partner at MMJS Consulting. A chartered accountant by qualification and entrepreneur by nature, Surandar prior to founding MMJS was in key positions at HSBC Private Equity, Infosys, L&T and GM.
Surandar is a thought leader and the leading newspapers in the region frequently seek his views. Surandar is a speaker at various International forums and was recognized as ‘Corporate Icon of the Year’ for three consecutive years.
December 5, 2022
The Accountant Magazine recently highlighted the impact of the OECD two-pillar solution to control impact of BEPS on GCC (Gulf Co-operation Council) countries. Two tax experts from Kreston Global, Ganesh Ramaswamy, Partner at Kreston Rangamani in India and Surandar Jesrani of Kreston Menon shared their thoughts with The Accountant on the region’s readiness to adopt the new framework.
As the global economy becomes increasingly more digitalized, the OECD made the decision to update the framework on base erosion and profit sharing. Pillar one impacts the multi-national enterprise (MNE) with a turnover of more than 20 billion and profits before tax of over 10%. Pillar two is seeking a global tax rate of at least 15%.
Parts of the region have been in a position to be able to adopt the pillar two framework with relative ease. Multiple countries within the GCC are already positioned to be able to adopt the 15% tax rate, with Oman already in that position. A 15% corporate tax rate exists for non-GCC companies in Kuwait with Saudi Arabia already exceeding the expectations at 20%. Bahrain and UAE currently have no corporate tax structure and are considering how to implement it.
UAE will meet obligations by introducing corporate tax in June 2023. This is a step-change for the country, however, guidance is yet to be issued with details of how that might affect businesses in the country. Bahrain has not yet made a full announcement, but is expected to follow the UAE in its adoption of pillar two principles.
Saudi is seeking to make changes, considering the removal of the Zakat tax, with Qatar and Kuwait adopting corporate tax for GCC and non-GCC entities. In order to control BEPs within the GCC region, five of the six countries within the region will be adopting the OECD’s BEPs 2021 framework update. Kuwait is yet to confirm participation.
August 15, 2022
LONDON – Kreston Global has welcomed a new member firm, Saudi Arabia-based Nefel Barrak Beneyyah (NBB).
NBB offers a wide range of services in different fields for all types of entities and corporations, which includes audit and assurance services, financial advisory services, consulting services, accounting services, internal audit, forensic accounting services and tax and zakat advisory. NBB was founded by Managing Partner Nefel Barrak. The firm provides innovative and contemporary solutions that allow its clients to maximise their potential.
NBB will be branding itself as Kreston NBB Saudi to take advantage of the extensive global reach of the Kreston network. The firm has an ambitious growth strategy focused on building a solid quality-led national, regional and international offering, strengthened by extensive training expertise. Four of the firm’s partners and staff are ex-Big four partners seeking an entrepreneurial environment working with ambitious growing clients. Kreston NBB Saudi’s vision is to be one of the best alternatives to the Big 4. for entrepreneurial dynamic mid-market businesses looking to grow nationally and internationally.
Nefel Barrak, Managing Partner at Kreston NBB Saudi, said:
“As a firm looking to build a strong sustainable future, joining the Kreston Global network was an obvious choice thanks to its dynamic, ever-growing community of firms serving their clients with distinction. We have a varied portfolio and a growing client base and are keen to grow our international practice alongside our existing practice here in Saudi Arabia. Kreston’s Middle East region is highly active and well-connected and we are excited to become a key player in the region and in the network as a whole. Kreston NBB Saudi has great plans and objectives to be achieved in the future as we join with the Kreston Global network.”
Liza Robbins, Chief Executive of Kreston Global, said:
“It gives me great pleasure to welcome our new colleagues in Saudi Arabia to the Kreston Global network. The addition of Nefel Barrak Beneyyah continues what has already been a great year in terms of expanding our network with like-minded professionals. We are looking forward to working with a firm that is very forward-thinking with such an exciting vision for its future and the way it wants to service and work with national and international clients.”
To find a member firm in your country click here.
July 15, 2022
July 14, 2022
June 1, 2022
Sector: Finance
Surandar Jesrani of UAE member firm Kreston Menon (MMJS Consulting) writes about international regulator moves to crack down on digital art assets in Accounting and Business news. Read the full article here.