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Governments across the Gulf Corporation Council “GCC” have ambitious visions that seek to develop, transform, and diversify local economies, encouraging growth and promoting prosperous societies.

In our June Part II edition of GT’s Monthly Tax Newsletter, you can read the latest news updates affecting Indirect Tax, International Tax, and Transfer Pricing in the UAE and across the Middle East Region.

VAT in the UAE approaches its 5th birthday on 1 January 2023 – but what’s next for VAT and the wider tax landscape?

For the financial year ended 31 December 2021 (FY21), relevant businesses and entities are required to submit their FATCA and CRS filings with the Ministry of Finance (MoF) via the MoF FATCA/CRS Portal, unless specified otherwise by the relevant regulator.

In our June 2022 edition of GT’s Monthly Tax Newsletter, you can read the latest news updates affecting Indirect Tax, International Tax, and Transfer Pricing in the UAE and across the Middle East Region.

As the Middle East Transfer Pricing Centre of Excellence, we support businesses across the Middle East with their Transfer Pricing requirements.

Amidst global economic uncertainties, the MENA region is on a growth trajectory fuelled by elevated oil prices and accelerating business-friendly reforms. The global logistics market is estimated to be $9.1Tn in 2022 and is expected to reach $12.3Tn by 2027, growing at a CAGR of 6.2%. A combination of initiatives by regional governments and developments in e-commerce are driving the growth in logistics and warehousing activity in the region.

Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting is an annual compliance requirement in the UAE. For the financial year ended 31 December 2021 (FY21), relevant businesses and entities are required to submit their FATCA and CRS filings with the Ministry of Finance (MoF) via the MoF FATCA/CRS Portal, unless specified otherwise by the relevant regulator. The portal is open for registration and the filings must be submitted until 30 June 2022 for FY21.

Q1 has seen a continued rise in deal activity in a number of sectors within our M&A and Transactions Advisory team. Following on from our Q4 2021 update, we are delighted to share this quarter's Food & Beverage (F&B) edition, summarising key themes, issues and activity in the sector. It has been a busy start to the year in F&B across the GCC and broader MENA region and we will continue to watch closely throughout the year.

In our March 2022 edition of GT’s Monthly Tax Newsletter, you can read the latest news updates affecting Indirect Tax, International Tax, and Transfer Pricing in the UAE and across the Middle East Region.

The logistics sector within the MENA region is well-positioned to benefit from post-COVID 19 economic recovery. Our team of subject matter experts provide a global and regional economic outlook and give insights into what the logistics sector can expect in 2022 in our latest Logistics Sector Focus.

Our M&A and Transactions Advisory team actively originates and executes transactions across a range of sectors. Some of the current as well as recently completed transactions include businesses in logistics, technology, real estate, food & beverage, healthcare, education, financial services and energy sectors.

In our October edition of GT’s Monthly Tax Newsletter, you can read the latest news updates affecting Indirect Tax, International Tax, and Transfer Pricing in the UAE and across the Middle East Region.

Despite a difficult climate due to the pandemic across geographies and industries, Grant Thornton sees signs of optimism in both the resilience of the MENA markets and a strong recovery in economic and transactional activity.

In our September edition of GT’s Monthly Tax Newsletter, you can read the latest news updates affecting Indirect Tax, International Tax, and Transfer Pricing in the UAE and across the Middle East Region.

The Federal Tax Authority introduced a Special Refund Scheme in 2020 to reimburse VAT paid on goods and services for official participants in Expo 2020.