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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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M&A and Transactions 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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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
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Incorporation and PRO
We provide guidance and help with setting up new entities in the UAE’s mainland and all the UAE free zones, as well as re-domiciliation of companies in the UAE. Our team drafts the needed legal documents and interacts with government authorities on various regulatory matters.
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HR & Payroll Services
HR & Payroll Services
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Outsourcing Advisory Services
Outsourcing Advisory Services
Hisham Farouk, CEO of Grant Thornton, says it would be advisable for companies to start considering ERP implementation prior to the official VAT date
Our insights on how businesses can prepare for VAT
Although no official imposing date has been confirmed, it has been said that within the next three years, all nations in the GCC will be implementing VAT which will inevitably bring change. In order to prepare for this, it would be advisable for companies to ensure key accounting systems, ERP systems (Enterprise resource planning) and point of sale systems are configured to capture the set percentage of VAT including other elements of tax which may come into place over time.
When it comes to financial budgeting and cash flow management, companies need to ensure they factor in the possible VAT rate. Alongside this and in order to avoid any ongoing concerns regarding VAT, companies may wish to contract a VAT advisor before considering recruiting a tax professional once taxation is imposed.
How VAT will affect companies’ accounting systems and what changes companies need to make to their own accounting practices?
Businesses should ensure that either their current system can support VAT (taxation) or that their system can be customized to feature such changes in the future. Accounting systems need to reflect the intended VAT percentage, so that accountants can generate VAT reports which can be submitted to the authorities. This will expedite the process to submit the VAT return to comply with guidelines, once they are published. In order to support with VAT requirements and deadlines, companies should also ensure they have good internal controls and processes to adhere to guidelines and avoid any unforeseen penalties.
A major issue is related to tax invoicing whereby dues are charged on a trader by his suppliers. How a SME company/ trading establishment and retailers, such as grocers and chemists, will ensure that its dues are correctly invoiced?
Although it might be deemed as a major issue, it can actually be resolved quite simply. SMEs, trading establishments and retailers need to ensure that at the point of sale (POS), the system that they are using is updated and integrated to their ERP system.
This will ensure that the amount of VAT imposed is captured for each transaction and can in turn, be simply translated to the VAT report. The same is the case for countries who already impose VAT, you will often find that at the POS, the amount of VAT is automatically captured and translated to VAT returns and similar reporting.
To read the interview in the February edition of the magazine visit https://content.yudu.com/web/2oibm/0A3b78v/WealthMonitorFeb16/flash/resources/22.htm