Over 170 business and financial professionals attended a seminar, “Value Added Tax in the GCC – Are You Ready for this historic change in the tax landscape?”, organised by the Institute of Management Accountants (IMA) Qatar Chapter, in co-operation with Ernst & Young Qatar.
Guest speaker Jennifer O Sullivan, E&Y Qatar tax director, underscored the current economic scenario in the GCC and the government’s plan and need to diversify income sources, which affected revenues from falling oil prices. “The VAT will help drive the economy of the countries in the GCC,” O Sullivan noted.
She also explained the technical aspects and regime of VAT in the GCC, including the expected timelines of the organisation if it is going to implement and become VAT ready by January 1, 2018. 
O Sullivan also discussed the different case scenarios of VAT and its applicability to different types of companies, as well as the significant impact of Value Added Tax (VAT) to businesses and the importance of early planning. 
IMA is the worldwide association of accountants and financial professionals working in business. It represents more than 80,000 members globally with over 300 local chapters, including Qatar.
The event was inaugurated by Moamen Omer, president — IMA Qatar Chapter, who discussed the importance of the CMA credential in managerial accounting for accountants and finance managers.
Omer encouraged all members to “excel and compete in the competitive world.” IMA Qatar Chapter also announced its new elected board members and bestowed plaques of appreciation to the outgoing officers.