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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
VAT Alert - October 2019
19 Nov 2019United Arab Emirates (‘UAE’) Updates
Value Added Tax (‘VAT’)
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VAT Public Clarification VATP016 - Business-to-Business Supplies of Healthcare Services
The Federal Tax Authority (‘FTA’) in October has issued a public clarification on providing Business-to-Business supplies of Healthcare Services. The clarification discusses in detail the treatment of providing health care services by a business to another business.
The FTA has clarified that supply of healthcare services may only be zero-rated if the recipient of the supply is also the person who receives the treatment.
The clarification can be accessed here
Excise Tax
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Ministerial Decision No. 236 of 2019 on Implementation of the Cabinet Decision No. 52 of 2019 Excise Goods, Excise Tax rates and methods of calculating the Excise Price
On 29th September 2019, the Ministry of Finance (‘MoF’) has announced through its Decision No. 236 that the provisions of the Cabinet Decision No. 52 of 2019 shall come into effect as of 1 December 2019.
The Decision mentions the updated list of goods on which Excise Tax will be levied along with the tax rate on each product as well as the method of calculating Excise Tax and designated retail price of goods.
The Decision can be accessed here
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Ministerial Decision No. 237 of 2019 of Implementation of the Cabinet Decision No. 55 of 2019
On Excise Price for Tobacco Products
The MoF on 29th September 2019 has declared through its Decision No. 237 that the provisions of the Cabinet Decision No. 55 of 2019 shall come into effect as of 1 December 2019.
The Cabinet Decision includes the minimum price for the Excise Price for Tobacco Products
The Decision can be accessed here
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Stockpiling of Excise Goods
The FTA has released a Public Clarification on Stockpiling of Excise Goods to provide detailed explanation of Excise Tax obligations and the methods of calculating ‘excess’ excise stock for stockpilers holding sweetened drinks, electronic smoking devices and tools, or liquids used in such devices and tools.
It also explains the Excise Tax obligations for stockpilers holding tobacco products on 1 December 2019, which have been subject to Excise Tax at a price lower than the minimum excise price introduced on such products.
Where a person expects to hold stock of sweetened drinks, electronic smoking devices and other excise goods for business purposes as on 1 December 2019, the person is required to consider whether he would qualify as a stockpiler or not for Excise Tax purposes. Qualifying as a stockpiler will require the person to register for Excise Tax purposes with effect from 1 December 2019, and to pay Excise Tax.
The clarification can be accessed here
Other Updates
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Press Release: FTA explores ways to implement New Procedures to Expand Excise Tax in collaboration with the Advisory Committee on Excise Goods
The FTA and the Advisory Committee on Excise Goods met to explore ways of expediting procedures for implementing two UAE Cabinet Decisions namely Decision No. 52 and No. 55. The FTA asserted that the establishment of the Advisory Committee on Excise Goods was part of its efforts to maintain continuous communication between the authority and taxpayers.
GCC Updates
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Qatar
New instructions for making Payments
The Qatar General tax Authority (‘GTA’) has recently announced a new method for depositing tax payments which includes dedicated bank accounts for different types of tax payments. The GTA has urged taxpayers to abide by the new instructions including providing tax registration to the bank, mention the tax year for which the payment relates and make deposit only in dedicated bank accounts.
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Oman
Introduction of new tax institution
His Majesty, the Sultan of Oman has issued two royal Decrees namely, Royal Decree No. 66/2019 and No. 70 of 2019. The Royal Decree No. 66/2019 announces the setting up of a new Tax Institution that will be a separate legal entity and will report to the council of ministers. The Royal Decree No. 70/2019 announces the appointment of Mr. Sultan bin Salim bin Said Al Habsi, as the Head of the Tax Institution.
The decrees can be downloaded in Arabic using the following links: