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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 - September 2019
20 Oct 2019United Arab Emirates (‘UAE’) Updates
Value Added Tax (‘VAT’)
1. Guidelines on Refund for Business Visitors
The Federal Tax Authority (‘FTA’) in September has released guidelines on claiming refund for Business Visitors. The guidelines will assist foreign businesses/ business visitors check if they are eligible to make a claim and if so, to successfully complete the ‘Business Visitor (VAT Refund Scheme for Foreign Businesses) VAT Refund Form’.
For the purposes of submitting claims for a VAT Refund under this recovery arrangement available to foreign businesses, an eServices account with the FTA must be created, which will then allow you to access the Refund Form under the VAT section.
The guidelines can be accessed here
Excise Tax
1. New Requirements for Excise Tax
The FTA has released new requirements for Excise Tax for Designated Zones.
The new procedures include separate reporting of goods released from designated zone, movements of goods into, within and between designated zones, as well as local purchases and transfer of ownership within a designated zone.
Additional forms include EX202A (Transfer Goods to another Designated Zone/ Transfer of Goods for Export/ Import to designated Zones where there is no customs check), EX203B (Lost and Damaged Declarations) and EX203C (Transfer of Ownership within Designated Zones) are to be filled and filed accordingly as mentioned in the updated guide.
The updated guide can be accessed here
2. Cabinet Decision No. 33 of 2019 on Administrative penalties for Violations related to Marking of Excise Goods
The Cabinet Decision has released a list of penalties that will be levied on a person by the FTA for breaching the provisions of the Tax Law and Cabinet Decision No. 42 of 2018 Marking Tobacco and Tobacco Products
The list of penalties can be accessed here
3. FTA Decision No. 2 of 2019 on Implementing the Marking Tobacco and Tobacco Products Scheme
The FTA has stated in its decision the cost of and dates from which the marks will be available, date from which it will not be permissible to import Designated Excise Goods into the State which do not have Marks and date from which it will not be permissible to supply, transfer, store or possess Designated Excise Goods in the State which do not have Marks.
The decision can be accessed by here
4. Cabinet Decision No. 52 of 2019 Excise Goods, Excise Tax Rates, and Methods of Calculating Excise Price
A new decision by the FTA 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 and designated retail price of goods.
The products include ready-to-drink beverage and concentrates, powders, gel, extracts or any form that can be converted into a sweetened drink.
The decision can be accessed here
5. Cabinet Decision No. 55 of 2019 on Excise Price for Tobacco Products
The FTA has announced that the Excise Price for Tobacco Products shall be no less than:
- 4 Dirham per cigarette,
- Dirham per 1 gram of water pipe tobacco, or ready to use tobacco or other similar products.
The decision can be accessed here
Economic Substance Requirement
1. Guidance on Economic Substance Requirement
On September 12, guidelines on Cabinet of Ministers Resolution No. 31 of 2019 on Economic Substance Requirement was issued.
The guidelines clarify who is within the scope of the Regulations and core income generating activities among other aspects.
2. Regulatory Authority – RAKICC
RAK International Corporate Centre (‘RAKICC’), an offshore free zone based in Ras Al Khaimah, takes lead in public acknowledgement of being a ‘Regulatory Authority’ for UAE economic substance purposes.
The proactive move had manifested through release of a six-pager document as attached explaining economic substance regulations and its impact on RAKICC registered member companies.
RAK ICC will be establishing the requirements for sending the appropriate notification by 1st January 2020 and RAK ICC will ask the companies to confirm whether they are undertaking a Relevant Activity. If the answer is “No” then, no further action is likely to be required.
Other Updates
1. Press Release: FTA Reaffirms: ‘Refunding Tax for Eligible Applicants a Direct Transaction Between Registrants and the FTA’
The FTA reaffirmed that refunding taxes for legally eligible applicants is a direct transaction between the registered business and the FTA and does not call for any intermediaries.
The FTA issued the above statement in response to reports that certain bank customers received emails from unidentified sources impersonating banks and financial institutions, and asking recipients to provide personal data, including names, credit card numbers, and PIN codes, claiming that providing the information will allow them to recover VAT.
The press release can be accessed here
2. Press Release: FTA Organises 2 Awareness and Inspection Campaigns to Monitor Compliance with ‘Digital Tax Stamps’
The FTA has conducted two simultaneous awareness and inspection campaigns to verify compliance with ‘Marking Tobacco and Tobacco Products Scheme’ in the first month since the ban on selling cigarettes not bearing the Digital Tax Stamps in local markets came into effect.
The FTA explained that several violations were detected in August 2019 in a campaign that included 20 inspection trips conducted in collaboration with departments of Economic Development in all seven emirates and covering 530 retail outlets.
The press release can be accessed here
GCC Updates
Bahrain
1. VAT Treatment of Director’s Fee
The Bahrain National Bureau for Revenue (‘NBR’) has clarified the VAT treatment for director’s fee and has confirmed that fee earned as board members or directors will be out of scope for VAT.