Ernst & Young Middle East Tax Conference 2008 to highlight regional tax reforms and cross-border expansion

Part of an exclusive two-day event, the conference will explore recent changes in the fiscal environment within the Middle East. Other key topics include tax treaties, regional expansion and evolving business & regulatory practices.

"In recent months, the region has witnessed a wave of tax reforms. This has been coupled with significant changes to the regulatory environment which has forced businesses in the Middle East to stay abreast of developments affecting their existing operations. Many businesses have gone a step further, attempting to seize potential opportunities and manage the risks resulting from fiscal changes," said Farooq Ladha, Head of Ernst & Young's Tax practice in the Middle East.

In addition to tax reforms, there is a significant increase in the number and size of investments being made into the Middle East region. As both local and multinational companies expand their geographic horizons, they are exposed to a new array of cross-border tax and regulatory issues and opportunities. When competing in such a volatile market, it is critical for companies to understand the importance of tax optimization when evaluating acquisitions and operational-related costs.

Sridhar Sridharan, Tax Partner, Ernst & Young, Muscat added:

"With Omani businesses expanding beyond their country borders, this conference is a great opportunity for Omani investors to obtain an overview of the fiscal reforms that are currently sweeping the region. The conference will also be of interest to current and potential investors into Oman and will provide an update on latest developments and opportunities. The timing of the conference also coincides with the imminent introduction of the proposed new tax law in the Sultanate."

Having started in 2004, Ernst & Young's Tax Conference brings together the firm's network of senior tax partners and executives to share their recent experiences in assisting companies doing business in the Middle East. On 4 March, delegates would have the opportunity to arrange private meetings with Ernst & Young's tax Executives from Egypt, Jordan, Kuwait, Libya, Oman, Qatar, Saudi Arabia, Syria and UAE to independently discuss specific tax issues concerning their companies.

The conference provides organizations with existing operations in the region and those considering new investments in the region with the latest insight into tax regimes, current developments and regional investment incentives. Ernst & Young senior tax partners and executives representing the Middle East countries will lead discussions about opportunities and risks of regional expansion in light of recent benchmarking experiences. Discussions will take into consideration the current business models used across the region as well as the ever-expanding tax treaty network. In addition, particular attention will be paid to the evolution of cross-border transactions.