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The ISSB was launched by the IFRS Foundation at COP26 with the aim of improving the consistency and quality of sustainability reporting across the globe, by matching the importance of sustainability reporting with the current regulations around financial reporting. To reinforce this message, the ISSB sits alongside the International Accounting Standards Board (IASB) and is overseen by the trustees of the IFRS Foundation and the Monitoring board.

We hope you find this update useful, for any further inquiries please reach out to the team listed within the article or the webpage.

The Central Bank of the UAE (CBUAE) has launched the Standard Re. Shari’ah Compliance Function (SCF) to enhance the Islamic Finance regulatory framework. This standard sets clear expectations for Shari’ah compliance, including establishing an independent function, differentiating roles, and creating an annual compliance plan.

In our December 2024 edition of GT’s regional monthly Tax Newsletter, we provide the latest Tax news updates affecting International Tax, Corporate Tax, Transfer Pricing, and Indirect Taxes in the UAE and across the Middle East region.

The UAE Accountability Authority (UAEAA) has issued Resolution No. (154) of 2024, mandating compliance with new auditor appointment rules as outlined in Federal Law No. (56) of 2023, and Resolution No. (159) of 2024, mandating Internal Audit Rules for UAEAA subject entities. These rules, effective immediately, align closely with the standards set by the Abu Dhabi Accountability Authority (ADAA).

In our November 2024 edition of GT’s regional monthly Tax Newsletter, we provide the latest Tax news updates affecting International Tax, Corporate Tax, Transfer Pricing, and Indirect Taxes in the UAE and across the Middle East region.

The Federal Tax Authority (FTA) has issued new guidance on Related Party Transactions and Connected Persons. Non-compliance may lead to penalties. It's advised to review financial records and maintain proper Transfer Pricing documentation. For tax compliance guidance, please reach out to our team of experts on our website. Read more:

Our Discovery Series is an opportunity for us to give back to the community and country in which we serve, through the provision of business insights. We hope that these insights will enable and inform enhanced business performance and innovation across the UAE. The first report in our Discovery Series is Women on Audit Committees in the UAE 2024, and provides baseline data for female representation that we intend to track and benchmark across other regions and markets in subsequent reports. As a firm, we are committed to advocating for gender diversity at senior leadership levels and want to keep the spotlight on this important topic so that change and progress is being made.

We hope you find this update useful, for any further inquiries please reach out to the team listed within the article or the webpage.

As part of a series of developments announced by the Ministry of Finance on e-invoicing implementation, the latest update introduces amendments to the VAT Law to incorporate the changes for e-invoicing implementation. Our alert summarizes these changes and offer guidance on how businesses can prepare effectively for e-invoicing.

In our October 2024 edition of GT’s regional monthly Tax Newsletter, we provide the latest Tax news updates affecting International Tax, Corporate Tax, Transfer Pricing, and Indirect Taxes in the UAE and across the Middle East region.

n continuation to our previous Tax Alert released in September 2024 on UAE Tax Residency Rules for Individuals, we would like to bring to your notice that the UAE Federal Tax Authority (FTA) released a new Guide (TPGTR1) on “Tax Residency and Tax Residency Certificate” on October 18, 2024. To learn more please read our article, kindly reach out to the team if you have any questions.

Thank you for reading and sharing our Sector Focus: Exploring the Maritime Ambitions of GCC ports article. Please reach out to the team if you have any questions.

In a move that's set to reshape the business landscape in the UAE, a significant update to the Economic Substance Regulations (ESR) has been announced. Let's dive into what this means for businesses operating in the region.

We hosted an insightful webinar on tax governance and risk management in the evolving UAE tax landscape. Our session covered critical topics such as tax governance frameworks, strategic tax policy development, compliance and reporting, transfer pricing, and VAT procedures. Attendees had the opportunity to engage with experts during our interactive Q&A session, equipping them with the knowledge and strategies needed to navigate the complexities of the new tax era.

The UAE has introduced significant amendments to the VAT Executive Regulations, effective from 15 November 2024. These changes will have a profound impact on businesses across the UAE. Key updates include the inclusion of digital assets, relief for proof of export, extension of input VAT recoverability for medical insurance for dependents, and changes in zero-rating provisions for services. Curious about how these changes might affect your business? Grant Thornton UAE has prepared a comprehensive summary of all these changes. Don’t miss out on this essential guide to understanding the key changes in the new regulations.