MESA is a diverse and rapidly growing region spanning across the Gulf Cooperation Council (GCC), wider Middle East and South Asia. Each country within these clusters has its own distinct characteristic, demonstrated by variations in their tax and regulatory regime as well as economic and financial environment.
Recent steps aimed at reforming the regional tax landscape have all pointed out at improving the exchange of tax information between institutions, regulators and countries and key to those efforts is the Organisation for Economic Co-operation and Development (OECD) initiative on Base erosion and profit shifting (BEPS). Managing fiscal deficits has also been the priority of the Governments which have embarked on transformation programs in a move to diversify income sources particularly with the introduction of Value Added Tax (VAT) and Excise Tax in the GCC.
As Governments in the region focus on monetary and fiscal measures to improve ease of doing business, we believe that a publication such as this couldn't be more timely than ever, covering 14 countries and providing a summary of key regulations governing investments and businesses of corporates.
Partner - Head of Tax & Regulatory
KPMG in Sri Lanka