Sindi & Batterjee Kreston
April 19, 2023
April 19, 2023
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 K Rangamani and Associates LLP 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.”
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July 15, 2022
July 8, 2021
July 2, 2021