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Prepare for Financial Instruments standard changes. The latest set of changes to be applied affect standard 15 and 9, from 1 January 2018.

The FTA has announced that the approach for supplies of goods between the UAE and KSA, shall also apply to the supply of services between the UAE and KSA.

A report by Grant Thornton has found that, like their global counterparts, the Gulf Cooperative Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), highlights two key features of regional labour markets.

The global healthcare industry is currently experiencing a technological revolution, which may seem grandiose, however, we are witnessing a shift from traditional to modern- tech simulated healthcare, which will enable both medical professionals and patients to access new virtual resources, further aiding effectiveness and efficiency.

In yet another step closer to VAT becoming a reality, on 2 October 2017, the UAE Council of Ministers have announced the fees for services provided by the FTA as well as penalties for the violations of the country’s tax laws.

The UAE released its domestic VAT Law on 27 August, 2017 which has confirmed the standard rate of VAT at 5%, which will be imposed on goods and services that are not otherwise zero-rated or exempt.

With the increase of Excise Tax taking effect from 1st October 2017 in the UAE, producers, importers, warehouse keepers and stockpilers are urged to familiarise themselves with the regulation.

His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, has formally has formally reviewed the related constitutions which correlate to the implementation of VAT.

As countries in the region modernise and make it easier to do business, what are the opportunities and considerations for those looking to invest?

Islamic Finance is an important segment of the global financial services market, with exposure across almost 75% of the globe, as highlighted by the IMF. In correlation to the global footprint of Islamic Finance, the segment has an equally important fiscal impact with over 400 banks and 150 Takaful providers offering solutions, equally over $100 billion Sukuk’s are issued per annum.

The business environment in which Owner Managed Businesses (OMBs) operate within continues to evolve with the emergence of new technology, innovation, changes in financial management, client needs and increased regulation.

The GCC region is well positioned to exploit the lucrative opportunities that e-commerce offers, given the generational demographic shift that we are witnessing and which will inevitably have a seismic impact on businesses for the future

This report draws on insight from our International Business Report, plus data and interviews from Grant Thornton teams around the world. It explores what skills the boards of 2025 will need, and what needs to happen between now and then to get there. Businesses should not view these changes we have identified as additional extras.e

The gender diversity issue has been on the business agenda for many years now, yet a third of businesses still have no women at a senior management level. We know that significant performance benefits come with having a diverse leadership team and there are certainly a large number of women capable of joining such teams.

Our commitment to quality underpins all that we do. This report is a public statement of Grant Thornton’s commitment to provide high-quality assurance, tax and advisory services to businesses and organisations operating throughout the world.

There is no debating the vast level of change which an organisation will need to go through in order to prepare for its growth journey. To guide you through the process we outline the key considerations which you will need to take, alongside providing you with a comprehensive solution of services which Grant Thornton are well-versed in offering. To discuss how Grant Thornton can work with you during this phase, please contact us.