RSM Albazie & Co., a member of the sixth largest network of independent audit, tax and consulting firms 'RSM International', recently held an extensive BARREL seminar that underscored the feasible financial effects, risks, and methods for Kuwaiti organisations once the BARREL framework has actually been used in Kuwait. The seminar was held at the JW Marriott Hotel - Kuwait and was gone to by key banks representatives, business owners, and delegates from different industries and was led by Mr. Martin Dane, Affiliate Director of VAT and Indirect Tax Obligations, RSM UK.

During the intensive 1-day seminar, Mr. Dane focused on highlighting crucial variables of VAT that has not been resolved in Kuwait yet, such as the apparent capital problems, corporate money purchases and procurements, agreements and their security versus VAT risks, international problems that consist of cross-border purchases, and excluded or partially exempt business concerns. Bringing greater than 35 years of experience in VAT and indirect tax, Mr. Dane emphasized that although Kuwait and its regulatory authorities has yet to issue a main VAT legislation, the preparation and understanding of the possible threats that VAT might offer the entire economic situation is very important. An instance of one significant lasting danger once VAT is applied is the potential errors it could have in accumulating and representing the tax that might leave companies liable for the cost.

" As we prepare to face VAT in early 2018, it is our function to highlight the aspects that several may not recognize pertaining to VAT specifically that the main regulations have not yet been revealed by Kuwait. Organisations will absolutely be affected, as well as the whole economy, and as pioneers in the audit and tax obligation field we really feel that we are committed to offer absolute openness of the upcoming financial situation to our clients and market as a whole" commented Mr. Dane.

Mr. Dane added: "It is essential that SMEs are made completely familiar with the effect and effects that VAT might carry their business if in a poor preparatory setting, some of the effects they may encounter consist of serious functional, financial, and lawful issues."

From his end, Nayef Al-Yaseen, Partner at RSM Albazie & Co said: "We continuously seek to give effective seminars led by RSM's international experts for our clients and stakeholders to further equipmthem with the most effective economic methods and latest patterns on a global level. Throughout these really challengingmeconomic times, and specifically with the opportunity of VAT being applied in Kuwait, our commitment towards providing appropriate consultancy services to tackle potential dangers, is essential. We believe that Martin Dane's experience in VAT and Indirect Taxes has actually served as an optimal platform when it come to the topics reviewed throughout the seminar. The result of the program was extremely successful, which drives us to waiting to hosting similar occasions in the future."

RSM Albazie & Co has worked with clients from numerous markets which include Construction and Realty, Hospitality, Air Travel, Oil and Gas, Banking and Financial Services and Health Care amongst others. Established in 1963, RSM Albazie & Co. is thought about to be amongst the oldest accounting and consultatory companies in Kuwait, with more than 50 years of experience.