Tax and Audit experts from Deloitte Middle East were prominent speakers in ‘Libya Focus Day’, a seminar held by MEED in Dubai. Deloitte leaders provided valuable insights on the overview of Libya’s taxation and accounting framework and helped provide attendees with updates and guidance on doing business in Libya’s resurging infrastructure and energy sectors.
“The Libya market is not new to us. Our Middle East firm served Libya clients and international firms for many decades before the last regime took control. As part of our commitment to the Middle East and North Africa region, we are pleased to yet again support our Libyan and international clients in establishing and growing their businesses, as well as engaging the Libyan public sector in its ambitious plans for infrastructure and social reform,” said Omar Fahoum, chairman and chief executive of Deloitte in the Middle East.
Attendees at the seminar were advised on how to do business in Libya to support the country in its plans to expand economic capacity and enhance infrastructure. Shedding light on opportunities and challenges, Deloitte experts outlined the tax and accounting environment, and shared practical tips on operating in Libya. In addition, they discussed regulatory changes set to take place in Libya throughout 2012 and well into 2013.
“Libya has been identified as a priority market for Deloitte, thus it is essential to enhance and strengthen our presence in Libya to support our clients and address the complexities of the market,” said Robert O’Hanlon, partner in charge for Audit Services, Deloitte Middle East. “We work to leverage global best practices, and integrate local knowledge and experience, to ensure that any strategies set forth to support clients and the Libyan economy will work,” he added.
“There is an evident growing global interest in Libya, and many businesses will soon be opening in the country, creating a well-varied business environment. Due to the country’s ample natural resources, Libya can become a leading economy in the Mediterranean,” said Brandon George, Senior Manager, International Tax and M&A services, Deloitte Middle East.
Many industries are forecasted to change and develop in Libya, such as the Oil and Gas, construction and tourism sectors. Yet, Deloitte experts have identified short term challenges in setting up businesses in Libya, be it from sourcing skilled talent to understanding and managing regulatory and tax complexities.