For almost three decades, the economies of the GCC have experienced substantial economic progress in large part due to their oil revenues.

These revenues have traditionally contributed between 70 to 90 per cent of state budgets in GCC countries, but recent conditions have seen them cut almost in half.

In this episode of Thomson Reuters MENA Talks, Antonio De Gregorio, Head of Tax & Accounting,  MENA, speaks with Dr. Nasser Saidi, the former Minister of Economy and Trade, Lebanon, on how the GCC countries may diversify their economies beyond this resource and diversify their income generation.

Revenue Diversification in the GCC (Part 2)

The tax landscape in the Middle East and North Africa is constantly evolving as macro-economic changes impact the region. Thomson Reuters Tax & Accounting business provides tax, accounting, and global trade solutions using innovative technology to simplify the lives of those working in the fields of corporate finance, accounting, and supply chain. The Thomson Reuters MENA Talks podcast series invites industry experts to discuss topical issues faced by many corporations in the region.

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With the introduction of VAT to the GCC as of 2018, businesses need to understand how best to prepare. Listen to Stewart Nivision, Global Head of Indirect Tax at Thomson Reuters, discuss how technology can steamline the process of VAT implementation.

The Rising Case for Tax Technology in the GCC

Conversion to IFRS Standards in Saudi Arabia are already underway with publicly listed companies required to report using the new financial reporting framework as of 2017, and SMEs following suit in 2018.

Adoption of IFRS Standards is part of the ‘Project for Transition to International Accounting and Auditing Standards’ introduced by the Saudi Organization for Certified Public Accountants (SOCPA). A key advantage in the introduction of IFRS is the standardization of reporting, allowing entities across the world to be compared in a consistent way.

In this episode of MENA Talks, we hear from Andrew Hay, Global Head of Accounts Production for Thomson Reuters, talk through some of the obstacles and opportunities associated with IFRS conversion, based on his first-hand experience in Australia.

Understanding IFRS in Saudi Arabia

The regional and global tax landscape is undergoing considerable change. With the introduction of VAT in the GCC quickly approaching and the BEPS Action 15 impacting international tax regulations, the need for clear information is critical.

Listen to Bert Brys, Head of Tax Policy Unit, OECD, discuss these ongoing tax issues and the implications for the region.

Implications of VAT and BEPS on the GCC

In an effort to move beyond an oil economy, Saudi Arabia has committed to an ambitious plan of economic transformation. Central to these changes is the introduction of taxation and revenue diversification. How will the introduction of VAT and IFRS contribute to this end?

Listen to Senior Macroeconomist, Eugene McQuaid, discuss the biggest VAT challenges facing businesses in Saudi Arabia, and the impact of IFRS on investment.

The Saudi Arabia Tax Landscape

The impending introduction of VAT in the GCC will impact all sectors of the business community. With a VAT framework expected to be ratified in mid-2016, most businesses will have 18 months to prepare for the anticipated 1 Jan 2018 implementation of VAT in select Gulf countries.  Listen to Finbarr Sexton, Head of Indirect Tax, Ernst & Young Middle East, give his perspective on questions ranging from how VAT will impact businesses to potential exemptions.

Revenue Diversification in the GCC (Part 2)

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