The Lord Mayor of the City of London visits Deloitte’s offices in Dubai to discuss the introduction of VAT in the GCC

Deloitte Middle East leaders welcomed Alderman Charles Bowman, The Lord Mayor of the City of London, as well as Paul Fox, the British Consul General to Dubai and the Northern Emirates, to their Dubai premises on December 13, 2017.

During the Lord Mayor’s visit, Deloitte discussed the introduction of Value Added Tax (VAT) in the Gulf Cooperation Council (GCC) and its relevance to British businesses in the Gulf region, as well as the impact of VAT on the financial services sector. Deloitte showcased the investment it has been putting into its Indirect Tax practice to support tax reform in the Middle East and guide businesses through these uncertain times. The meeting was joined by some of Deloitte’s key British clients in the financial services industry during which they discussed market opportunities in the region, their companies’ contributions to the economy as well as challenges their businesses are addressing while preparing for the 2018 VAT implementation in the UAE..

Mark Junkin, Partner in the Indirect Tax practice at Deloitte Middle East, commented: “This is a challenging time for all businesses dealing with the implementation of VAT in the Middle East, and particularly those in the financial services sector where VAT can often become a real cost of doing business. Our Middle East Indirect Tax team includes a large number of practitioners from the UK, the Middle East and other countries with extensive experience advising on the complexities of VAT across a range of industries. Whilst every business will have its own different priorities, we consider that a successful implementation will result in VAT being effectively embedded across multiple business processes. It was therefore useful to showcase some real life examples of the organizational, operational and financial impacts that our clients have faced.”

Alderman Charles Bowman, the 690th incumbent of a role that dates back centuries, is an international ambassador for the United Kingdom’s financial and professional services sector. In his role, Bowman leads overseas business delegations to international markets and meets government representatives, business leaders and policy makers from around the world.

Following the meeting the Lord Mayor commented: “It was a pleasure to visit Deloitte Middle East’s offices in Dubai today. All firms in the Middle East, particularly those in the financial and professional services sector, clearly face a challenge ahead with the impending VAT reforms. However, leading firms like Deloitte are there to guide businesses every step of the way and it was interesting to hear today just how they are advising their clients.”

Commenting on the Lord Mayor’s visit, Deloitte Middle East Chairman of the Board of Directors, Herve Ballantyne said: “On behalf of Deloitte Middle East, we are pleased to have welcomed the Lord Mayor of the City of London and the British Consul General to Dubai and the Northern Emirates to our offices during their time in Dubai and look forward to future collaboration with them.”