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On March 14th, 2020, the central bank of UAE announced a comprehensive AED 100 billion Targeted Economic Support Scheme to contain the repercussions of the pandemic COVID-19.

As a member of Organisation for Economic Development and Cooperation (“OECD”), and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group, the UAE has committed to ensuring standards related to Base Erosion and Profit Shifting (“BEPS”) are implemented.

Events are unfolding with astounding speed, unveiling the outbreak’s repercussions on all sectors with some businesses suffering immediate and major distress. The global spread of the outbreak means that most, if not all, industries will face significant turmoil, and that disruption is inevitable.

The cost of the coronavirus outbreak has been widely reported and the tragic consequences continue.

Grant Thornton UAE CEO, Hisham Farouk, and our M&A and Transaction Advisory Partner, Salmaan Khawaja, sat with HSBC to discuss the current mergers & acquisition themes of the region post to the COVID-19 outbreak and the disturbance caused in the overall economy as a result.

As a member of Organization for Economic Development and Cooperation (OECD), and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group, the UAE has committed to ensuring standards related to Base Erosion and Profit Shifting (BEPS) are implemented.

Fortunately, our understanding of how to address the challenges of COVID-19 is improving every day. Our medical and scientific communities are learning and adopting new strategies to deal with the current global crisis, as are the world's policymakers.

In a race against time, governments are issuing directives on effective precautions against the Novel Coronavirus (COVID-19) globally to prepare for what is to come as peak-virus over the next 4 to 6 weeks.

Read about recent updates regarding customs and excise tax in this edition of Tax Alert.

Let’s call a meeting to discuss COVID-19 epidemic risk management. No, let's not. Calling a meeting creates a state of panic and promotes congregating in groups at a time when a virus can be transmitted to two people from one infected person- it is not a good idea. What is, however, is having team leaders, risk champions, business continuity professionals, Human Resources, and communications teams collaborate online and agree on a comprehensive strategy to manage the risk and here is how to do it.

Over the last 12 months, our women in business research has drilled down into the gender diversity stats of mid-market organisations around the world, looking at how the numbers are changing, and most importantly, what businesses are doing to make them change.

The disappearance of LIBOR will not only impact UK but it is expected to have worldwide repercussions

Read about the latest updates in VAT happening in the UAE and GCC.

The Insurance Authority recently released Circular No. (21) of 2019 regarding 2020 Reporting Requirements for All Insurance Companies Operating in the UAE.

Read about the latest updates in VAT and Customs & Excise Tax happening in the UAE and GCC.

The DEWS (DIFC Employee Workplace Savings) Plan is a progressive End-of-service Benefit Plan introduced within the Dubai International Financial Center (DIFC) to restructure the current End-of-service Gratuity Plan into a funded and professionally managed Defined Contribution Plan.