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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.
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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.
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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.
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International Public Sector Accounting Standards
We are equally experienced in the adoption and implementation of International Public Sector Accounting Standards (IPSAS).
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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)
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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.
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Transformation Advisory
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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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.
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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.
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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.
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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.
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ICFR
Grant Thornton is a market leader in providing Internal Controls over Financial Reporting (ICFR) services to many well-known entities in UAE.
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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.
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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:
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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.
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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.
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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.
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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.
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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.
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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.
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Excise Tax
We provide Excise Tax related advisory and compliance services to the producer, importer, and the storekeeper of excisable goods
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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.
VAT Alert - October 2019
19 Nov 2019United Arab Emirates (‘UAE’) Updates
Value Added Tax (‘VAT’)
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VAT Public Clarification VATP016 - Business-to-Business Supplies of Healthcare Services
The Federal Tax Authority (‘FTA’) in October has issued a public clarification on providing Business-to-Business supplies of Healthcare Services. The clarification discusses in detail the treatment of providing health care services by a business to another business.
The FTA has clarified that supply of healthcare services may only be zero-rated if the recipient of the supply is also the person who receives the treatment.
The clarification can be accessed here
Excise Tax
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Ministerial Decision No. 236 of 2019 on Implementation of the Cabinet Decision No. 52 of 2019 Excise Goods, Excise Tax rates and methods of calculating the Excise Price
On 29th September 2019, the Ministry of Finance (‘MoF’) has announced through its Decision No. 236 that the provisions of the Cabinet Decision No. 52 of 2019 shall come into effect as of 1 December 2019.
The Decision mentions the updated list of goods on which Excise Tax will be levied along with the tax rate on each product as well as the method of calculating Excise Tax and designated retail price of goods.
The Decision can be accessed here
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Ministerial Decision No. 237 of 2019 of Implementation of the Cabinet Decision No. 55 of 2019
On Excise Price for Tobacco Products
The MoF on 29th September 2019 has declared through its Decision No. 237 that the provisions of the Cabinet Decision No. 55 of 2019 shall come into effect as of 1 December 2019.
The Cabinet Decision includes the minimum price for the Excise Price for Tobacco Products
The Decision can be accessed here
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Stockpiling of Excise Goods
The FTA has released a Public Clarification on Stockpiling of Excise Goods to provide detailed explanation of Excise Tax obligations and the methods of calculating ‘excess’ excise stock for stockpilers holding sweetened drinks, electronic smoking devices and tools, or liquids used in such devices and tools.
It also explains the Excise Tax obligations for stockpilers holding tobacco products on 1 December 2019, which have been subject to Excise Tax at a price lower than the minimum excise price introduced on such products.
Where a person expects to hold stock of sweetened drinks, electronic smoking devices and other excise goods for business purposes as on 1 December 2019, the person is required to consider whether he would qualify as a stockpiler or not for Excise Tax purposes. Qualifying as a stockpiler will require the person to register for Excise Tax purposes with effect from 1 December 2019, and to pay Excise Tax.
The clarification can be accessed here
Other Updates
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Press Release: FTA explores ways to implement New Procedures to Expand Excise Tax in collaboration with the Advisory Committee on Excise Goods
The FTA and the Advisory Committee on Excise Goods met to explore ways of expediting procedures for implementing two UAE Cabinet Decisions namely Decision No. 52 and No. 55. The FTA asserted that the establishment of the Advisory Committee on Excise Goods was part of its efforts to maintain continuous communication between the authority and taxpayers.
GCC Updates
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Qatar
New instructions for making Payments
The Qatar General tax Authority (‘GTA’) has recently announced a new method for depositing tax payments which includes dedicated bank accounts for different types of tax payments. The GTA has urged taxpayers to abide by the new instructions including providing tax registration to the bank, mention the tax year for which the payment relates and make deposit only in dedicated bank accounts.
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Oman
Introduction of new tax institution
His Majesty, the Sultan of Oman has issued two royal Decrees namely, Royal Decree No. 66/2019 and No. 70 of 2019. The Royal Decree No. 66/2019 announces the setting up of a new Tax Institution that will be a separate legal entity and will report to the council of ministers. The Royal Decree No. 70/2019 announces the appointment of Mr. Sultan bin Salim bin Said Al Habsi, as the Head of the Tax Institution.
The decrees can be downloaded in Arabic using the following links: