Latest news with #AhmedAl-Esry
Zawya
12-02-2025
- Business
- Zawya
EY seminar helps Oman's businesses future-proof their tax functions
The event saw EY's tax experts review the main developments in Oman's and the wider region's tax systems over the past year Insights from the seminar support large multinational enterprises in the country in preparing for the implementation of Royal Decree No. 70 of 2024 Muscat, Oman – EY has hosted its Oman Annual Corporate Tax Seminar 2025 in Muscat with the aim of guiding businesses in navigating the evolving tax landscape in the country and the MENA region. The latest edition of the event provided an overview of the major developments in the tax system that have taken place in Oman and the wider region over the last 12 months. The half-day seminar saw the participation of around 240 C-suite executives and finance professionals from Oman-based companies. The event leveraged the knowledge and practical experience of EY's senior tax professionals to offer comprehensive insights that will help the participants achieve an optimal tax position and adapt their strategy in response to market trends. Speakers also included tax experts from the Oman Government, few of the largest taxpayers in the country, and other partners. The agenda covered all aspects of the taxes that are currently imposed in Oman from the compliance and investment perspectives. Taxpayers shared their experience with e-invoicing and indirect taxes, such as value-added tax (VAT). Another session focused on Base Erosion and Profit Shifting (BEPS) Pillar 2, providing a detailed overview of Royal Decree No. 70 of 2024, which went live on January 1, with executive regulations in the works. Applicable to multinational enterprises with a minimum annual turnover of €750 million, the law outlines the implementation of domestic minimum top-up tax (DMTT) and the income inclusion rule (IIR). Most affected companies are currently conducting impact assessments to put adequate provisions in place and can leverage takeaways from the seminar to facilitate the process. The participants also discussed what tax functions can expect from the policy perspective and explored the impact of AI and automation on their work. In addition, the event examined regulatory updates and recent tax trends across the MENA region with a focus on the GCC, which affect Omani businesses operating in other jurisdictions. These included the full implementation of corporate income tax (CIT) in the United Arab Emirates (UAE), as well as e-invoicing, which has been introduced in five out of the region's six countries. The seminar provided participants with an ideal platform for networking and the exchange of experience and best practices in the field of taxation. Ahmed Al-Esry, EY MENA Tax Leader, says: With the global tax environment evolving at an unprecedented pace, having a tax function is more important for multinationals and other large companies than ever before. Training and upskilling the finance team in tax compliance and other regulatory related matters in line with changing rules and regulations is also crucial. Engaging outsourced service providers, such as EY, can make a significant contribution to monitoring tax exposures, identifying internal risks and achieving an optimal tax position.' Oman is home to a dynamic tax landscape that is aligning itself with global tax regulations. In 1991, it became the first GCC country to impose CIT on local companies. In 1994, Oman introduced withholding tax on foreign payments, which was expanded in 2017. This was followed by the implementation of excise tax on tobacco, alcohol, energy drinks and sugar-sweetened beverages (SSBs) in 2018 and VAT in 2021. Alkesh Joshi, EY Oman Tax Leader and EY MENA Sustainability Tax Leader, says: 'Companies currently have a wide variety of advanced technology tools at their disposal to automate their tax processes. These tools can go a long way in helping large multinationals in Oman prepare for the rollout of new regulations in line with Royal Decree No. 70 of 2024 and put relevant system changes in place. Meanwhile, access to quality data is becoming increasingly important to facilitate various types of tax compliance.' -Ends- About EY | Building a better working world EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers to the complex issues facing our world today. EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of individuals' rights under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit The MENA practice of EY has been operating in the region since 1923. For over 100 years, we have grown to over 7,500 people united across 21 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region. © 2025 EYGM Limited. All Rights Reserved. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice. This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Zawya
11-02-2025
- Business
- Zawya
EY seminar reveals innovative strategies that help Bahrain's businesses optimize their tax position
The event saw EY's tax experts review the main developments in Bahrain's and regional tax systems over the past year Manama, Bahrain – EY has hosted its Bahrain Annual Tax Seminar 2025 in Manama with the aim of guiding businesses in navigating the evolving tax landscape in the country and beyond. The latest edition of the event provided an overview of the major developments in the tax system that have taken place in Bahrain and regionally over the last 12 months. The seminar saw the participation of over 250 C-suite executives and finance professionals from Bahrain-based companies. The event leveraged the knowledge and practical experience of EY's senior tax professionals to offer comprehensive insights that will help the participants achieve an optimal tax position and adapt their strategy in response to market trends. The agenda covered all aspects of the taxes that are currently imposed in Bahrain in line with domestic laws. Among the key changes over the past year was the introduction of the domestic minimum top-up tax (DMTT) in line with the country's commitment to compliance with Base Erosion and Profit Shifting (BEPS) Pillar Two. Additionally, there have been numerous updates to the value-added tax (VAT) procedures in diverse sectors. EY's subject matter experts shared their experience with DMTT and discussed the potential future introduction of a broader domestic corporate tax, similar to those found in neighboring GCC countries. The speakers also offered detailed updates on international tax developments, which affect Bahraini businesses operating in other jurisdictions while contributing to shaping the local tax environment, with a focus on the regional implementation of e-invoicing. The session explored the various models being introduced and the technology options available to adopt tax governance, helping businesses prepare for upcoming digital tax compliance. The seminar provided participants with an ideal platform for networking and the exchange of experience and best practices in the field of taxation. Ahmed Al-Esry, EY MENA Tax Leader, says: We are committed to helping our clients navigate Bahrain's evolving tax landscape by providing expert insights and tailored solutions to ensure compliance. Our Bahrain Annual Tax Seminar assists businesses in aligning their financial reporting with local regulations and understanding related tax impacts while sharing updates on important regulatory developments. The seminar also offers tax insights for specific industries, highlighting each sector unique challenges and opportunities, while keeping multinational enterprises informed about international tax developments." Ali Al-Mahroos, EY Bahrain Tax Leader, says: 'Bahrain's tax landscape continues to evolve, reflecting the Kingdom's commitment to economic diversification and fiscal sustainability. Over the past 12 months, we have witnessed key developments in both direct and indirect taxation, including the introduction of DMTT as well as refinements in VAT regulations and compliance measures. These advancements enhance Bahrain's business environment by fostering transparency, aligning with global tax trends and attracting foreign investment. 'On a regional level, the implementation of e-invoicing is a pivotal step in the transformation of the GCC tax landscape, which is set to revolutionize tax compliance for both businesses and the government. By digitizing transactions, e-invoicing improves efficiency, reduces tax evasion and enhances real-time reporting. Should Bahrain introduce e-invoicing, it would ultimately strengthen the country's position as a competitive and forward-thinking economic hub.' -Ends- About EY | Building a better working world EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers to the complex issues facing our world today. EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of individuals' rights under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit The MENA practice of EY has been operating in the region since 1923. For over 100 years, we have grown to over 7,500 people united across 21 offices and 15 countries, sharing the same values and an unwavering commitment to quality. As an organization, we continue to develop outstanding leaders who deliver exceptional services to our clients and who contribute to our communities. We are proud of our accomplishments over the years, reaffirming our position as the largest and most established professional services organization in the region. © 2025 EYGM Limited. All Rights Reserved. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, legal or other professional advice. Please refer to your advisors for specific advice. This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
