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We approach each audit with sharp thought, straight talk and common sense. In addition to verifying that financial results are fairly presented and meet...
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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.
As your business grows, our advisory services are designed to help you achieve your goals. Successful growth often means navigating a complex array of...
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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.
Tax policy reforms and the introduction of new tax regulations across the GCC are creating huge challenges for organisations. Grant Thornton UAE offers a...
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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
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core...
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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
GTUAE China Desk
VAT Alert - March 2017
21 Mar 2017
VAT: Public engagement workshops for practitioners and businesses.
The key highlights from the session are outlined below:
- The VAT rate is confirmed at 5% as initially anticipated.
- The mandatory registration threshold is likely to be in line with the GCC and will be AED 375,000. A voluntary registration option will be available for businesses making supplies of 50% or more of this figure.
- Businesses that primarily make Zero-rated or Exempt supplies may not be liable to register for VAT purposes. Further details will be provided in the law and regulations.
- The VAT law is expected be released by the summer of 2017. The detailed regulations will be issued later in the year. No draft law is expected.
- Rules on Free Zones have yet to be clarified, although services in the Free zones are expected to be subject to VAT.
- Good news for the Medical Services and Education sector where supplies will be Zero Rated. These were previously expected to be an Exempt Supply. Further clarity will be provided on what fees are zero rated and which of these will be Standard rated if these are strictly beyond Medical services and Education.
- Special rules will apply for not-for-profit charities.
- Within the Financial Services sector, it has been confirmed that Life Insurance is likely to be treated as an Exempt Supply for VAT purposes. For non- life supplies, these are likely to be Standard Rated. This will extend to ancillary services provided by brokers. The method of Input tax recovery for mixed suppliers providing both Exempt and Standard rated/Zero rated supplies will be provided. It has been confirmed that there will not be a Fixed Input Tax Recovery methodology as is available in Singapore and Malaysia.
- The other industry which has had positive development is property development, where it was announced that the VAT on first sale of residential property is a Zero-rated supply and subsequent sales are likely to be an Exempt Supply. This is encouraging news for property developers where there was a concern that this may be an Exempt Supply and this would have been deemed as a ‘huge’ burden on one of Dubai’s leading business sectors.
- For rental of commercial and residential property, it was as expected confirmed that rental of commercial property would be subject to VAT at Standard Rates and for residential properties, these would be an Exempt Supply. It remains to be seen if there will be special rules for long stay Hotel and Services Residences.
- It has also been confirmed that there will not be a tourist VAT refund scheme operated in the UAE given the low rate of VAT already imposed within this sector.
- Supplies of goods and Services to UAE Government are expected to be Standard Rated which will simplify processes for companies making supplies to the Government Departments and bodies.
- The GCC VAT model will be similar to the model in the UAE, creating further synergy.
The VAT regime being introduced in the UAE with key sectors such as Health, Education and Property development receiving greater clarity is positive as it will aid as a boost for consumers with little likelihood of increased prices and fees.
We will continue to provide VAT updates as and when announced by the Ministry of Finance.
Should you wish to discuss the above in further detail please
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