KPMG is launching its new member firm in Libya from January 1, 2014.
The firm, which has been operating in Libya for the past seven years through a local representative firm, is now upgrading its presence to a full-service member firm.
According to Times of Malta, it is looking at the North African and Middle Eastern region as an emerging market, and Libya itself is being looked at as a pre-emerging jurisdiction. Secondly, a significant number of the firm’s multinational clients are present and operating in or from Libya, and the firm has a deep-rooted commitment to expand its global reach to wherever it needs to provide professional services to its premium global clients.
In addition, the firm is increasingly conscious of the growing momentum of regional and local business that is contributing to the vibrant rate of economic activity in North Africa. While the political environment is still uncertain, the region presents a significant economic opportunity as regional and local investors eye the potential inherent in countries with young, better educated workforces.
"At a social level, the man in the street looks at the future with hope. Most Libyans seek an improvement in their material standard of living, and are realistic in hoping for economic development as a stimulant to create more and better jobs."
KPMG in Libya will be offering the full range of professional services taken to clients by the firm worldwide. The firm in Libya starts with a relatively small manpower complement, but with the tangible backing and support of the global firm that allows it to leverage the full breadth of expertise and experience in KPMG’s European and Middle Eastern regions.
KPMG will offer a full range of audit, tax and advisory services, including straightforward and pragmatic advice on setting up business in Libya, a full suite of tax audit and compliance services, tax advisory support and comprehensive management consulting, financing, and transactions and restructuring services.
(Source: Times of Malta)
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