Director- Tax and Zakat
PricewaterhouseCoopers
Total years of experience :30 years, 2 Months
Suleman is a Tax and Zakat Director based in Jeddah. He joined PWC in October 2013 after spending more than a decade with another big 4 firm in Saudi Arabia. Prior to his time in Saudi, Suleman worked as a consultant with the South African Revenue Services.
During his career, Suleman has acquired a wide range of professional experience, specifically in advising multi-national clients on regulatory aspects of doing business in Saudi Arabia, international tax planning, transfer pricing, agreement structuring and local compliance issues.
Suleman has extensive experience in dealing with tax matters for clients covering a wide range of sectors including aviation, construction, private equity, pharmaceutical, financial services, retail and petrochemical industries. He has also been actively involved in Saudi related zakat and tax presentations and trainings and has been involved in international tax seminars in a number of jurisdictions globally
Some of the international projects I have worked on over the years:
• Advising multinational clients on tax and accounting issues relating to projects in Saudi Arabia special focus on leases.
• Advice on outbound structuring of investments in listed shares and real estate by large Saudi family business mainly into UK, Lebanon, GCC and US.
• Detailed tax advice and options on expansion by large Saudi food manufacturer into UK, UAE, Vietnam and China
• Investment and agreement structuring advice to Japanese, US and other European companies entering Saudi Arabia with view to optimizing corporate and withholding taxes.
• Use of Saudi tax treaties to minimize taxes on royalty, licensing, technical support and other charges.
• Tax compliance services to global IT, power and construction companies.
• Advice and international structuring advice to number of private equity firms in Saudi.
• Saudi zakat planning options for local companies with regard to investments and deductible expenses.
• Saudi tax and zakat issues and comments relating to sukuk issuances, real estate and investment funds.
• Advice and support to financial institutions and multinational companies on exit strategy from Saudi Arabia.
• Use of offshore and GCC jurisdictions for Saudi and international tax planning and structuring especially with regard to tax/ zakat treatment and capital gains tax.
International tax advisory work, income tax and zakat compliance. Financial and investment issues including review of legal contracts etc. for multinational clients.
Financial model review from tax and zakat perspective.
General tax and zakat compliance reviews in Saudi Arabia.
While at Andersen I was involved in dealing with taxation aspects of the Corporatisation of Treasury functions of a large electricity utility in South Africa. The project involved analyzing product and customer sets of client and envisaging tax scenarios since, client was never a tax paying entity previously.
I compiled a detailed risk analysis of large glass manufacturing entity for four years. This project involved analyzing and looking through tax, correspondence and audit files and determining any tax risks. Report prepared for client detailing nature of tax risk, potential exposure and likelihood of query or attack by Revenue authorities.
Together with manager, I compiled a detailed spreadsheet, with formulae and calculations to determine capital gains tax values for certain assets, including shares held by large listed US multinational client. We assisted the client in accurately determining potential capital gains tax liability and providing for such.
I was responsible for analysing cross border transfer pricing risks and commenting on accuracy of payments made offshore by large confectionery and motor component manufacturing entities.
I was involved in project to follow up on international aspect of taxation for multinational companies whilst at the Corporate Tax Centre in Sandton.
I was responsible for normal and in-depth audit of tax returns of all listed large unlisted multi national companies and their accompanying financial statements as part of routine work at Corporate Tax Centre.
I was fortunate to be selected to be part of group initiating International tax and Transfer Pricing audits at SARS. Sent out questionnaires profiling international cross border transactions and interest free loans between multi-national companies. It was a highly successful project that created awareness of Transfer Pricing in South Africa. The project resulted in approximately R500 million of additional income to the fiscus, and the creation of a special international tax division at SARS Corporate Tax Centre.
I was involved in setting up spreadsheets to compile capital reconciliations and asset and living expenses schedules for taxpayers at SARS Special Investigations in Durban.
With the assistance of colleagues I initiated a project to determine errant taxpayers by risk profiling ‘tip offs’ received and following up according to industry and geographical area. I assisted SARS in analyzing tax avoiders accurately.
I was involved in training in West Germany as part of select group to provide input into first world tax administration for the South African scenario.
ADIT Papers 1 and 3 passed
Part of KPMG EMBA
Higher Diploma in Computer Auditing
Higher Diploma in International Tax
Certificate in Forensic Accounting and Fraud Examination
Bachelor of Commerce degree