-
Financial Reporting Advisory Services
Grant Thornton’s Financial Reporting Advisory Services (FRAS) team supports organisations through a diverse range of accounting and reporting services including transaction accounting, analysis and adoption of new International Financial Reporting Standards, training on new and complex standards, and other related services that enable organizations to achieve greater transparency and navigate through the ever-changing regulatory landscape.
-
CFO Advisory Services
Chief Financial Officers (CFOs) and finance teams periodically face difficulties in financial reporting and accounting. To address these issues and challenges GT’s team looks to reduce the periodic uncertainty faced by our clients around difficult reporting and accounting standards and can help overcome these difficulties with our CFO advisory services.
-
International Financial Reporting Standards
Capability in International Financial Reporting Standards (IFRS) is one of our core skills. We have access to a full-time team responsible for high quality, consistent application of IFRS throughout the global organisation.
-
International Public Sector Accounting Standards
We are equally experienced in the adoption and implementation of International Public Sector Accounting Standards (IPSAS).
-
In-Country Value
Grant Thornton is honored to be one of the Certifying Bodies to implement the National In-Country Value (ICV) Program for the Ministry of Industry and Advanced Technology (MoIAT)
-
Staff Secondment Services
Finding qualified, skilled professionals for a specific purpose and time period can be a significant challenge for many organisations. We alleviate that challenge with a talent pool of highly motivated and technically trained individuals who have excellent soft skills and the agility to adapt quickly to varied client environments.
-
Transformation Advisory
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
-
M&A and Transactions Advisory
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
-
Forensics
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
-
Restructuring
We have an established standard of excellence for Restructuring within the United Arab Emirates with a focus on client success throughout a complex period of the business life cycle.
-
Incorporation and Compliance
Grant Thornton assists businesses in setting up and complying with these regulations and acts as adviser for companies to ensure their activities, policies and procedures follow the guidelines specified by respective regulations.
-
ICFR
Grant Thornton is a market leader in providing Internal Controls over Financial Reporting (ICFR) services to many well-known entities in UAE.
-
Islamic Finance
Grant Thornton's Islamic Financial Services team comprises a global network of professionals with in-depth knowledge of Islamic finance and providing practical, value added assistance to their clients across a range of specialisms and issues.
-
Regulatory Compliance
Grant Thornton holds a proven track-record in Regulatory Compliance advisory, our range of services will facilitate robust guidance to help you manage your regulatory risks and affairs, our teams of specialists assist our clients in the following areas:
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the storekeeper of excisable goods
-
Business Process Outsourcing Services
Our team at Grant Thornton offers comprehensive and cost effective outsourced solutions, enabling stakeholders and business owners to focus on their core business goals.
Will the biggest shake-up in international tax rules in a generation result in a fairer, more efficient and more understandable tax system?
The Organisation for Economic Co-operation and Development (OECD) is set this week to unveil a radical overhaul of international taxation. According to our latest International Business Report (IBR), a quarterly survey of 2,580 businesses in 35 economies, 74% of businesses would welcome more global cooperation and guidance from tax authorities.
They’d like to know what’s acceptable and unacceptable tax planning, even if this provided less opportunity to reduce tax liabilities. So will the Base Erosion and Profit Shifting (BEPS) Action Plan result in a tax system that’s fairer, more efficient and more understandable? What are the risks and opportunities that may arise?
The recommendations have been born out of the increasing public and political furore over corporate taxation. The main aim is to get countries to collaborate more closely on eliminating controversial loopholes in the international tax system. But as tax becomes an ever more public and emotive issue, the remit now touches almost every area of international taxation.
Damaging uncertainty
The increasingly high level nature of international taxation has in turn generated a lot of uncertainty within board rooms. As long as businesses operate within regulatory boundaries, they have a responsibility to their investors to keep costs down; and this includes tax. But it’s when executives are called up to answer legislative committees’ questions that we see the extent of the shift in scrutiny. It’s not whether companies are acting within the law but whether they ought to pay more.
The problem is that there are no firm guardrails to help decision making. Simply telling businesses to pay their 'fair share' is not a viable alternative to a clear set of rules or principles. What constitutes a fair share? Businesses need things to be black and white, but what they are getting is a lot of grey.
Disparities remain
So will BEPS deliver greater clarity on what is both legal and acceptable? We’ll know what the OECD expects, which is a start. The OECD deserves credit for its readiness to consult and for getting so far, so quickly. Yet these recommendations come with a large caveat: the OECD doesn’t set laws or sign tax treaties – governments do. The effectiveness of the project will be determined by its widespread and consistent implementation, but there is bound to be a significant variation in the timing of implementation and interpretation of how the rules are applied. Less than a quarter of the business leaders interviewed for our IBR survey believe there will be a global agreement on BEPS.
Some countries, notably the UK and Australia, have jumped the gun by announcing legislation that covers some of the BEPS actions. Other major economies, notably the US, may take longer. The US is planning to bring in country-by-country reporting in 2016. But the wider reforms are unlikely to get into the legislative agenda this side of the 2016 Presidential election. In turn, countries outside the OECD, including China and India are already indicating that they want to introduce certain elements.
The big question is therefore how much harmonisation will be achieved? We need a tax system that keeps pace with an increasingly borderless digital economy. Rather than a patchwork of local rules, the G20, UN and OECD should take the lead in ensuring the tax system is sufficiently clear and consistent to allow businesses to manage tax with certainty. The results would be good for businesses, consumers and governments. Anything less will simply create more anomalies, more loopholes and more uncertainty.
Standing up to scrutiny
The immediate priority for businesses is to consider how their current tax arrangements will come across under the much greater level of transparency ushered in by BEPS and judge whether they are comfortable with this. The way the reporting rules are set up means that even companies with relatively straightforward tax affairs could find themselves in the firing line. The broad scope of BEPS also means significant implementation headaches ahead.
There will also be some opportunities. In particular, the new rules are likely to create a more even playing field over tax strategy and cost. Greater international harmonisation would in turn mean fewer cross-border issues to contend with.
Charting difficult waters
So is BEPS a step in the right direction? International tax rules clearly need to be stripped down and rebuilt for the world we live in and this is BEPS’ aim. But there are a lot of tricky waters to navigate. It may be some time before genuine clarity over acceptable tax planning emerges, so it is vital that businesses understand the potential risks and are able to justify their decisions.
to find out how Grant Thornton can help your organisation prepare for the requirements set out in the OECDs BEPS Action Plan.