Grant Thornton UAE audits the operations and processes of more than 80 hotels every year. Based on our observations while performing such internal audits, we summarise here below 5 of the most common emerging issues that have been recorded.
Learn about the latest tax updates, concerning VAT and customs in the UAE and GCC region.
The UAE hotel sector has been increasingly overestimating the market demand over the past few years and as such, has been suffering from an oversupply of hotel keys.
This article explains the agency concept under VAT along with the VAT treatment and processes to be followed to ensure appropriate compliance. The concept is different from ‘tax agency’ under VAT. A tax agent is a person registered with the tax authority who is appointed on behalf of another person to represent him/her before the authority
For the past 17 years, Grant Thornton has been tracking the global progress of women in senior management. Globally, female leadership positions passed the crucial 30% mark. In the UAE, we have recorded a 9% increase of female CEOs in the past 12 months, which sets the tone for a growing gender inclusive workforce in the GCC region.
Each year Grant Thornton releases a comprehensive IFRS guide to the market where we cover both the new standards as well as any amendments that have been made to existing ones. This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards.
UAE Ministry of Finance amends Economic Substance Regulations
Grant Thornton is pleased to present our first annual Internal Control over Financial Reporting (ICFR) Benchmarking survey regarding compliance with Abu Dhabi Accountability Authority (ADAA) Resolution Number 1. The Resolution requires government entities in Abu Dhabi to implement an ICFR framework which is to be tested by the external auditor.
In the era of rapid technological growth, and especially in a post-COVID environment, data is becoming more and more valuable. Technological platforms are heavily leveraged at a global scale and are designed for users to share their personal information for almost all online activities. Businesses of all sectors and sizes also use this data to further enhance their processes and to better understand their markets.
The COVID-19 pandemic continues to impact global markets and businesses, and the repercussions are here to stay for the long-term. Lenders are faced with a number of critical difficulties when considering loan restructurings. Similarly, on the other side of the spectrum, businesses are confronted with lack of liquidity creating issues in their repayment capabilities.
With respect to Economic Substance Regulations, the Central Bank of the UAE has recently announced a notification filing update to be carried out through the Central Bank Services Portal.
The GCC is emerging stronger than ever with diversified and efficient economies becoming magnets for investment and new ideas, and hence, influencing a global shift towards the region. Such seismic shifts will drive new market entrants, along with opportunities to invest in new markets.
The establishment of Central Shari’ah Boards (CSB) in their contemporary shape and form is considered to be a turning point in the history of the Islamic finance sector, and is expected to drive further valuable standardisation at a global scale. Given the gradual expansion of the scope of the CSBs, what will be the role of the institutional Sharia’ah Supervisory Boards in the future?
With respect to Economic Substance Regulations, Dubai international Financial Center has recently announced a notification filing update to be carried out through the DIFC Client Portal.
Recent significant variations of crude oil price have a significant effect on the Banking Industry.
Following the introduction of the Economic Substance Regulations (“ESR”) in the United Arab Emirates (“UAE”), all Licensees are required to submit an annual notification to their respective Regulatory Authority (trade license issuing authority).