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UAE Ministry of Finance amends Economic Substance Regulations

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

Grant Thornton is pleased to present our first annual Internal Control over Financial Reporting (ICFR) Benchmarking survey regarding compliance with Abu Dhabi Accountability Authority (ADAA) Resolution Number 1. The Resolution requires government entities in Abu Dhabi to implement an ICFR framework which is to be tested by the external auditor.

In the era of rapid technological growth, and especially in a post-COVID environment, data is becoming more and more valuable. Technological platforms are heavily leveraged at a global scale and are designed for users to share their personal information for almost all online activities. Businesses of all sectors and sizes also use this data to further enhance their processes and to better understand their markets.

Read about the recent updates regarding VAT, indirect tax and excise tax in the GCC region.

The COVID-19 pandemic continues to impact global markets and businesses, and the repercussions are here to stay for the long-term. Lenders are faced with a number of critical difficulties when considering loan restructurings. Similarly, on the other side of the spectrum, businesses are confronted with lack of liquidity creating issues in their repayment capabilities.

With respect to Economic Substance Regulations, the Central Bank of the UAE has recently announced a notification filing update to be carried out through the Central Bank Services Portal.

The GCC is emerging stronger than ever with diversified and efficient economies becoming magnets for investment and new ideas, and hence, influencing a global shift towards the region. Such seismic shifts will drive new market entrants, along with opportunities to invest in new markets.

The establishment of Central Shari’ah Boards (CSB) in their contemporary shape and form is considered to be a turning point in the history of the Islamic finance sector, and is expected to drive further valuable standardisation at a global scale. Given the gradual expansion of the scope of the CSBs, what will be the role of the institutional Sharia’ah Supervisory Boards in the future?

With respect to Economic Substance Regulations, Dubai international Financial Center has recently announced a notification filing update to be carried out through the DIFC Client Portal.

Read about the recent updates regarding VAT, indirect tax and excise tax in the GCC region.

Recent significant variations of crude oil price have a significant effect on the Banking Industry.

Following the introduction of the Economic Substance Regulations (“ESR”) in the United Arab Emirates (“UAE”), all Licensees are required to submit an annual notification to their respective Regulatory Authority (trade license issuing authority).

Events are unfolding with astounding speed, unveiling the outbreak’s repercussions on all sectors with some businesses suffering immediate and major distress. The global spread of the outbreak means that most, if not all, industries will face significant turmoil, and that disruption is inevitable.

Read about recent updates regarding customs and excise tax in this edition of Tax Alert.

On March 14th, 2020, the central bank of UAE announced a comprehensive AED 100 billion Targeted Economic Support Scheme to contain the repercussions of the pandemic COVID-19.