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Statutory Audit
We conduct an integrated audit, which combines the financial statement audit,independent and objective assurance on financial information, transactionsand processes.
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Limited Review
We offer services relating to reviews of historical financial informationby expressing negative assurance on such historical financial information.
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Agreed Upon Procedures
We engage with organisationsto perform specific procedures and report findings to conform to their needs.
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Financial Reporting Advisory Services (FRAS)
Our team provides timely advice on the impact of accounting changes to assist businesses in the development of an appropriate implementation roadmap.
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Business Consulting
Grant Thornton UAE provides organisations with implementable plans that drive sustainable growth strategies to grow and optimise their business performance.
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Business Risk Services
Organisations need to understand risks thoroughly to be able to manage them better. Grant Thornton UAE helps businesses achieve the best balance between minimising risk exposure, optimising profitability and developing compliance review checklists.
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Regulatory Advisory Services
Grant Thornton UAE's extensive understanding of the overarching supervisory framework within the region equips our professionals to support financial institutions comply and abide by the set of regulatory mandates throughout the rapidly evolving ecosystem.
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Financial Advisory
Grant Thornton UAE works with organisations on transactions from start to finish, assisting with strategy, identifying risks, executing deals, and helping to unlock their potential for growth and value creation.
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Restructuring Advisory
Grant Thornton UAE is committed to realising value for shareholders, in a way that recognises and supports the interests of all stakeholders. Our solutions maximise value, provide clarity and direction, and accelerate recovery and transformation for businesses.
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Technology Advisory & Cybersecurity
IT and technology are fundamental to drive the performance of businesses. Through leveraging the power of technology, Grant Thornton UAE helps organisations define and identify growth opportunities to achieve value-driven transformation and innovation.
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Forensics
Fraud and corruption pose a growing challenge worldwide. As the commercial landscape changes, an increasingly regulated environment requires stringent governance and compliance processes. Grant Thornton UAE helps organisations navigate challenges and crisis with a hands-on approach coupled with the use of technology.
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ESG Services
The Environment, Social and Governance (ESG) agenda has gained significant traction over the years, to become one of the key strategic aspects of any business. It is imperative that all organisations, irrespective of industry sector, engage with their stakeholders and prioritise ESG practices to unlock sustainable growth opportunities.
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Business Process Solutions
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core business goals.
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Corporate Tax
Our diversified team of corporate tax subject matter experts combines a perfect blend of international experience across several industry sectors, technical expertise, and commercial nuances with a commitment to deliver exceptional value to your business.
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VAT
The VAT team at Grant Thornton is well versed with the VAT Laws applicable across the region and holds valuable experience and professional accreditation in assisting clients across diverse industries to comply with the VAT obligations.
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Transfer Pricing
Grant Thornton UAE assists its clients in providing transfer pricing solutions that are implementable and operational, considering the facts and concerns of its clients.
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International Tax and Tax Due Diligence
Grant Thornton UAE supports multinational groups to optimise their tax structures. We can also assist businesses in analysing existing group transactions and inter-group supplies, as well as advising on potential implications of various taxes to facilitate an efficient Group tax structure.
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Economic Substance Requirements
Economic Substance rules were introduced in the UAE in 2019, requiring UAE businesses that undertake certain ‘Relevant Activities’ to maintain and demonstrate adequate substance.
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Customs and International Trade
The team at Grant Thornton is positioned centrally to assist the businesses with global cross-border tax structuring, planning and compliance needs.
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Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the storekeeper of excisable goods
Tax authorities across the GCC are driving a major digital transformation in tax administration, with e-invoicing systems at the forefront of this change. Similarly, the e-invoicing initiative in the United Arab Emirates (UAE) represents a significant advancement in the nation's digital infrastructure, aiming to enhance compliance, streamline audit processes, and provide policymakers with near real-time data for more informed decision-making.
Over the last year, the UAE Ministry of Finance (MoF) has released incremental updates to the centralised model of e-invoicing. However, yesterday marked a significant milestone as the MoF released a public consultation paper on e-invoicing.
The consultation paper was issued to allow businesses to comment on the proposed elements of the UAE e-invoicing framework.
It details the key data elements, fields, and attributes for 16 commonly used invoice types in the UAE, including standard tax invoices, reverse charge mechanism supplies, and zero-rated supplies.
Each data field adheres to both global specifications and UAE-specific standards. For example, a standard tax invoice comprises 50 mandatory fields, with 15 fields currently not covered under the UAE VAT Law.
Impact on businesses
E-invoicing requirements extend to all businesses operating in the UAE, irrespective of their VAT registration status. The seller and buyer will be identified through their Tax Identification Number (TIN), which is the first 10 digits of their Tax Registration Number (TRN), if they are registered for VAT or Corporate Tax in the UAE. Businesses not registered with the FTA (i.e., they don’t have a TRN) will be required to register to obtain a TIN.
The implementation of e-invoicing will be phased, potentially based on industry or turnover. Consequently, both taxable and non-taxable entities must comply with e-invoicing regulations.
Key takeaways
The consultation paper highlights several key areas for consideration, including the need to capture all mandatory data fields for each use case scenario. One significant challenge is managing HSN/Service codes, which will transition from optional to mandatory. It is important to note that most businesses in the UAE currently do not maintain internationally accepted HSN codes for goods or service codes.
Additionally, e-invoices will be required for all invoicing scenarios in the UAE, including commercial invoices, out-of-scope invoices, and invoices for exempt supplies. Therefore, businesses will have to assess these scenarios and consider how the respective data fields will be captured.
Key dates
27 February 2025: Deadline to provide feedback on the consultation paper, to ensure that all required fields for your business transactions are included in the underlying ‘data dictionary’ and whether any clarification is needed on the data element definitions.
End of February: MoF is expected to release accreditation procedures for Accredited Service Providers (ASPs).
July 2026: Go-live date for e-invoicing in the UAE.
Next steps
- Conduct a gap analysis: Assess your current invoicing processes, including any manual processes, and identify gaps between your practices and the UAE e-invoicing framework.
- Develop a project plan: Outline the timeline, milestones, and responsibilities for e-invoicing implementation, including key dates like the pilot phase and go-live dates.
- Engage with consultants and ASPs: Early engagement is crucial for a seamless transition.
How we can help
We can assist your business in navigating the complexities of e-invoicing implementation in the UAE. Our team of e-invoicing and VAT experts offer comprehensive support, ensuring your ERP system is fully equipped to handle all e-invoicing requirements. We also partner with ASPs to ensure a seamless transition.
For more information on how GT can support your e-invoicing needs, please reach out to our experts.
