EY recently hosted the inaugural session of the ‘The Jeddah CFO Forum' at the Hilton Hotel in Jeddah. The forum was attended by CFOs from some of the largest companies in the Kingdom. Ahmed Reda, Office Managing Partner, EY Jeddah, said: "The introduction of VAT is a major fiscal reform. The volume, pace and complexity of these new taxes and the changes they bring can be overwhelming. CFOs need to be ready to address them. They also need to be updated on trends including new technologies such as the Internet of Things, digital disruption, and the fast pace of market globalization. Tax knowledge and preparation must underpin strategic planning in the digital world, so that companies can make decisions that produce the right results. CFOs can increase their opportunity to deliver value to their business by taking a collaborative, enterprise-wide approach that combines tax with law, operations, technology and transactions. Our objective through the Jeddah CFO Forum was to inform CFOs on what lies ahead, share leading practices and discuss the trends and issues that will define the future of their businesses." The discussions at the forum were led by Finbarr Sexton, MENA Indirect Tax Leader at EY, who spoke about the ‘Implementation of VAT in the GCC'; Joanna Truffaut, MENA Advisory Digital & Innovation Government & Public Sector Leader at EY, who presented ‘The digital megatrend and its impact on business strategy', and Philip McCrum, MENA Head of Economic Advisory at EY, who presented a session on ‘GCC economic update and overview".
