A Quarterly Newsletter from the UAE and Oman member firms of the PKF International Ltd.

VOL 18, Issue 3 July 2016

PKF International

VAT EXPERTISE STRENGTHENED

VAT specialist, Nick McChesney, has joined London member PKF Littlejohn as a partner. McChesney, Chair of the ICAEW’s VAT and Duties sub-committee, is a respected indirect tax expert with more than 26 years’ experience. Since leaving Pricewaterhouse Coopers in 2009, where he was a VAT Partner, he has been an independent indirect tax consultant advising national and international clients in the not for profit, real estate, information technology, waste management and travel sectors.

BANK AUDIT APPOINTMENT IN SAUDI ARABIA

PKF AlBassam and AlNemer have been appointed as the auditors of Riyad Bank all of its subsidiaries including Riyad Capital. Riyad Bank is the 3rd largest bank in Saudi Arabia and Riyad Capital, its investment banking arm, is the second largest investment bank in the kingdom with 38 funds under management.

FATCA SERVICES IN KUWAIT

The Ministry of Finance in Kuwait has selected PKF Bouresli & Co., as an accredited provider of FATCA services in Kuwait. The Foreign Account Tax Compliance Act (FATCA) is a US Law aimed at foreign financial institutions to prevent tax evasion by US citizens. All financial institutions operating in Kuwait are covered under the provisions through an inter-governmental agreement (IGA). Only the major network firms were recognized by the Ministry and this win demonstrates the growing confidence of the market in PKF.