Global profit outlook weakens while GCC remains optimistic

28 Nov 2017

A report by Grant Thornton has found that, like their global counterparts, the Gulf Cooperative Council (GCC) countries of Bahrain, Kuwait, Oman, Qatar, Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), highlights two key features of regional labour markets.   There is a general skills shortage as the region embarks on ambitious programmes toward significantly more diversified economies. Over the long-term, though, the economies will be transformed for the better by innovative use of labour-saving technology.

Tax Procedures Law issued in the UAE

02 Aug 2017

His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE has approved Law No. 7 of 2017 issuing the Tax Procedure Law (‘the Law’). The Law shall be regulated by the recently formed Federal Tax Authority (FTA) of the UAE by the Ministry of Finance.

Saudi Arabia releases its draft VAT implementation regulations

30 Jul 2017

Saudi Arabia releases its draft VAT implementation regulations, which will now be open to public consultation.

VAT Alert - March 2017

21 Mar 2017

In recent development on the implementation in the UAE, the Public Revenue Department of the Ministry of Finance have today initiated the first of a series of public engagement workshops for practitioners and businesses. The session was well attended with over 500 practitioners who were briefed on the proposed VAT law.

CFOs are urged to prepare now

16 Feb 2017

With only 11 months to go before the launch of VAT, CFOs are urged to prepare now says Grant Thornton.

GCC nations plan simultaneous VAT rollout by 1 January 2018

16 Feb 2017

Policy makers in the six-nation Gulf Co-operation Council are aiming to introduce a 5% Value Added Tax (VAT) within the UAE on 1 January 2018.

Cost of VAT to the insurance industry

14 Feb 2017

On 14 February 2017, international accountancy firm Grant Thornton in the UAE in partnership with the DIFC Insurance Association, hosted a VAT seminar discussion on the topic: "VAT and the challenges which the insurance industry needed to be prepared for”.

Leveraging ERP to create value

01 Feb 2017

It is a well-known fact that organisations invest a considerable amount of money and time in implementing their “Enterprise Resource Planning” (ERP) solutions. The combined software and hardware costs tend to be on the high side, with key members of staff typically spending upwards of three years supporting the implementation in some way.