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As economies look to diversify their global trade relations, the Gulf region advances as a favourable market to consider. Read the full article written by our very own Audit Partner Darren Yule.

This international indirect tax guide provides an overview of tax systems in key countries and how you can get further support from Grant Thornton member firms.

Unlocking real value from your financial statements is underpinned by several elements, which include the motive of the stakeholder, the ability to assess the information beyond numbers and ultimately understanding what the statement is depicting in real terms. In our whitepaper in collaboration with ACCA, we share several strategies which finance professionals can implement in order to analyse data effectively whilst unlocking real value from financial statements.

As businesses continue to operate in an increasingly complex environment, the need to invest and drive a budgeting mindset, which will contribute significantly to the execution of a growth strategy is more so imperative than ever before. In our whitepaper in collaboration with ACCA, we share several budgeting strategies which finance professionals can implement in order to optimize the process, whilst effectively contributing to growth.

This alert aims to provide a brief overview of the VAT insurance guidance which has been issued by the Federal Tax Authority (FTA) within the UAE. The guide provides an overall summary of the policy and does not directly interpret or aim to replace any such formal guidance by the FTA.

Since VAT was implemented in the UAE more than 6 months ago, how has the hospitality sector fared and how can it improve VAT compliance?

The UAE FTA has clarified which factors determine when labour accommodation shall be a supply of residential or serviced property

This briefing contains further clarification from the Federal Tax Authority on the profit margin scheme for VAT in the UAE.

This alert contains further clarification from the UAE Federal Tax Authority on the treatment of VAT on compensation payments.

His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, has formally has formally reviewed the related constitutions which correlate to the implementation of VAT.

This briefing contains guidance from the Federal Tax Authority on the Cabinet Decision to refund Value Added Tax (VAT) on services provided at exhibitions and conferences

This briefing contains guidance about the characterisation of director services under several models to determine whether a taxable supply of services exists for VAT purposes.

The FTA has announced that the approach for supplies of goods between the UAE and KSA, shall also apply to the supply of services between the UAE and KSA.

In yet another step closer to VAT becoming a reality, on 2 October 2017, the UAE Council of Ministers have announced the fees for services provided by the FTA as well as penalties for the violations of the country’s tax laws.

The UAE released its domestic VAT Law on 27 August, 2017 which has confirmed the standard rate of VAT at 5%, which will be imposed on goods and services that are not otherwise zero-rated or exempt.

With the increase of Excise Tax taking effect from 1st October 2017 in the UAE, producers, importers, warehouse keepers and stockpilers are urged to familiarise themselves with the regulation.