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There have been recent amendments to the VAT Laws, VAT Executive Regulations and the Tax Procedures Laws -an important amendment amongst others is the Emirate-wise VAT reporting applicable to businesses engaged in electronic supplies. This amendment is effective from 1 July 2023 and applies to VAT returns to be filed for the period beginning on or after this date.

Spurred on by government initiatives and the emergence from COVID-19, the GCC IPO markets are now seeing unprecedented levels of activity, captivating institutional and retail investors alike.

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.

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.

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.

Read about the recent developments about VAT in the UAE as well as GCC updates in this VAT Alert.

Technology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.

The UN’s 2030 Agenda for Sustainable Development, commonly referred to as the Sustainable Development Goals (SDGs) or Global Goals, is one of the most ambitious plans of our time. Divided into 17 goals that reflect the world’s greatest environmental, social, economic, and political challenges, the SDGs provide a framework for people from all backgrounds, sectors, and regions to work together towards a better future.

We look at the impact to Islamic crypto-assets in light of the new Abu Dhabi Global Markets regulatory framework for crypto-assets.

Grant Thornton CEO, Hisham Farouk joined ICAEW and DFSA to discuss the impact of technology on audit and how we can adapt to transform our profession.

The global healthcare industry is currently experiencing a technological revolution, which may seem grandiose, however, we are witnessing a shift from traditional to modern- tech simulated healthcare, which will enable both medical professionals and patients to access new virtual resources, further aiding effectiveness and efficiency.

Across MENA, business leaders continue to place technological advancement at the top of their agenda, as they aim to promote efficiency to reduce costs and attract digital generations as the workforce of the future.

The GCC region is well positioned to exploit the lucrative opportunities that e-commerce offers, given the generational demographic shift that we are witnessing and which will inevitably have a seismic impact on businesses for the future

New research from Grant Thornton reveals that cyber attacks are taking a serious toll on business, with the total cost of attacks globally estimated to be at least US$315bn* over the past 12 months. The Grant Thornton International Business Report (IBR), a global survey of 2,500 business leaders in 35 economies, reveals that more than one in six businesses surveyed faced a cyber attack in the past year. With high-profile security breaches and hacks becoming more prevalent, nearly half of firms are putting themselves in the firing line with no comprehensive strategy to prevent digital crime.

Rising labour costs and the quest for productivity are driving businesses to automate. Finding new roles for redundant workers will be the next challenge.

Fifty years on from the world’s first personal computer going into mass production, the Grant Thornton International Business Report reveals the scale of technology’s influence on business with the majority of firms now planning to automate operations and practices, potentially resulting in job losses.