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

VOL 19, Issue 2 April 2017

From the Managing Partner - U.A.E.

With the GCC VAT treaty having been signed, the UAE law is now expected by the end of the second quarter this year, with implementing regulations following shortly thereafter. The VAT “chatterati” is hotting up, and the seminars now being held by the Ministry of Finance tend to suggest that the originally promulgated implementation date of 1 January 2018 will indeed be met. The seminars are shedding light on many basic questions that have been asked over many months but the law and the regulations will answer a lot more and companies may need to scramble a little if there turn out to be some surprises. One of which may be the treatment of free zones, which appears undecided at present. Many people’s breath being held at the moment I suspect.

We are pleased to feature in this issue an interview with Mr. Amit Radia of Atlas Printing Press. We also have a very topical article on Fraud Risk Assessment which I urge all of you to go through and ponder.

We also have our usual updates from Oman (featuring amendments to the Oman income tax law) and the free zone world. Please feel free to write (update@pkfuae.com) if you would like to express an opinion on any matter inside.

GRAHAM MARTINS