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Grant Thornton UAE is pleased to present our annual Internal Control over Financial Reporting (ICFR) Benchmarking survey regarding compliance with UAE Insurance Authority Circular No. 21 of 2019 in the UAE Insurance Industry.

In our July 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.

Read this month’s Hospitality Newsletter where our team of experts have gathered updates and shared insights on the UAE and GCC’s Hospitality landscape. Explore the updates affecting Indirect Tax, International Tax and Transfer Pricing.

In this paper we explore Trade-Based Money Laundering in further detail focused in particular on the December 2020 FATF publication “Trade-Based Money Laundering, Trends and Developments”* and provide guidance to Financial Institutions and other entities on how to assess, mitigate, identify and report the financial crime threats arising from the global trade system.

Learn about the latest updates in Tax, Indirect Tax, and International tax in the UAE and GCC Region.

In this tax alert, our specialists, Steven Ireland and Muhammad Bhagat clarify the annual reporting requirements for all entities classified as Financial Institutions for FATCA and CRS Reporting (including the filing of Nil Returns) as stipulated within the regulations.

Learn about the latest updates in Tax, Indirect Tax, and International tax in the UAE and GCC Region.

Learn about the latest tax updates, concerning VAT and customs in the UAE and GCC region.

Grant Thornton UAE audits the operations and processes of more than 80 hotels every year. Based on our observations while performing such internal audits, we summarise here below 5 of the most common emerging issues that have been recorded.

Learn about the latest tax updates, concerning VAT and customs in the UAE and GCC region.

The UAE hotel sector has been increasingly overestimating the market demand over the past few years and as such, has been suffering from an oversupply of hotel keys.

This article explains the agency concept under VAT along with the VAT treatment and processes to be followed to ensure appropriate compliance. The concept is different from ‘tax agency’ under VAT. A tax agent is a person registered with the tax authority who is appointed on behalf of another person to represent him/her before the authority

For the past 17 years, Grant Thornton has been tracking the global progress of women in senior management. Globally, female leadership positions passed the crucial 30% mark. In the UAE, we have recorded a 9% increase of female CEOs in the past 12 months, which sets the tone for a growing gender inclusive workforce in the GCC region.

Each year Grant Thornton releases a comprehensive IFRS guide to the market where we cover both the new standards as well as any amendments that have been made to existing ones. This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards.

During the current economic environment, it is crucial for businesses to manage their cash-flows. Cash-rich or cash-sufficient businesses need to survive to embrace the future which could be uncertain for few sectors. Having said this, businesses which import or produce excisable products would have felt the impact on the cash-flows due to high tax rates of tax and long credit period for recovery from the customers. There is an opportunity for businesses to manage their cash-flows further by setting up operations in an Excise Designated Zone (i.e. excise warehouse) and manage the cash-flows. This Article deals with the intricacies for setting up operations in Excise Designated Zones.

Learn about the latest updates in Tax, Indirect Tax, and International tax in the UAE and GCC Region.