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Grant Thornton’s unique Global business pulse index has tracked performance of several industries between 2020 and the same period in 2021. The telecoms, media and technology (TMT) industry turned positive in H1 2021, with the index marginally above the global average. The outlook in the sector surged to a record high of 67, driven by positive investment intentions and conditions. Conversely, restrictions worsened 9 points owing to rising concern about demand and supply constraints. The media sector was the most pessimistic in outlook.

Higher growth expectations are being seen widely across the world, with slightly elevated levels recorded in the more developed parts where vaccine roll-outs are helping economies to rebound strongly.

Technology firms have experienced high growth potential in 2021, with this trend projected to continue, however firms need to consider how to build resilience against changing customer behaviours, how to access and retain tech talent as demand increases for this new human capital and how to navigate the complexities of an increasingly digital world. We explore these questions further.

We explore whether TMT businesses can seize the opportunities of growing demand, or if they will be held back by the challenges presented by regulation and access to talent.

Reforms to the international tax framework have been debated and discussed at length in recent years. On 5 June 2021, the G7 published a statement setting out a high-level political agreement on such global tax reform. We now look at the potential impact on the technology industry.

The Zakat, Tax and Customs Authority (ZATCA) published its e-invoicing regulations on 4 December 2020, which was also effective from the date of publication. The regulations stipulated that e-invoicing would become mandatory for taxpayers by 4 December 2021. We share summarised insights on phase 1 compliance, along with preparation for phase 2.

The financial services sector is taking stock of the pandemic’s impact, and future working practices. Against this backdrop, Partners working with financial services clients around the globe share their perspectives on advancing female leaders in the sector, and enabling financial services businesses to realise the performance benefits of an inclusive culture.

From liquidity to debt and restructuring, we address the diverse and complex challenges faced by airlines, leasing companies and aircraft funds in particular. We also consider implications for employers and how financial planning for the medium and long term will be affected.

The International Accounting Standards Board (IASB) has issued ‘ Deferred Tax related to Assets and Liabilities arising from a Single Transaction’ (Amendments to IAS 12). The amendments require an entity to recognise deferred tax on certain transactions ( eg leases and decommissioning liabilities) that give rise to equal amounts of taxable and deductible temporary differences on initial recognition.

In a bid to continue developing and positioning the Kingdom of Saudi Arabia (KSA) as a diverse and innovative market, a Royal Decree has recently announced the establishment of a new Special Integrated Logistics Zones, with the first such zone to be situated at King Khalid International Airport.

Adel Daglas, Tax Advisor - Grant Thornton Saudi Arabia discusses the latest developments surrounding electronic invoices in the Kingdom of Saudi Arabia, with Thomson Reuters MENA

Tax Expert, Ganesh Nair of Grant Thornton Saudi Arabia shares an overview of the elements which Omani businesses may need to consider, following the lessons learnt during the implementation of VAT across Saudi Arabia.

The gulf region requires a sustainable tax structure which will enable a diversified revenue strategy. Whilst VAT has been introduced across KSA, UAE, Oman and Bahrain, the recent announcement of income tax across Oman may further evoke realigned strategies across the region. We share our insights on the current tax structure, comparing with similar emerging economies, whilst providing insights on the tax structures which could be adopted for future resilience.

Whilst tech transformation has been a key driver of change across Saudi Arabia, particularly given its prominence within Vision2030, the accelerated adoption has been prompted by a sudden demand to facilitate remote working in response to the disruption caused by the pandemic. We explore the impact of the tech surge and how this will drive innovation across industries and the wider Kingdom.

Despite the set back caused by the pandemic, the G20 countries continue to act as a launchpad for businesses wishing to penetrate global markets in both a virtual and physical environment. This summarised guide highlights the strategic and commercial value which the G20 countries offer, supporting dynamic businesses to consider reigniting their growth path in new markets, which require diverse solutions, services and new innovative approaches.

For 17 years, Grant Thornton has been tracking the global progress of women in senior management. In this summary report we share the insights from the 2021 study, along with the progress being made across the Gulf, whilst highlighting the thoughts of key leaders.