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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 overall healthcare industry index score turned positive in H1 2021, climbing nearly 7 points to 1.6, which is higher than the global average. The outlook rose by a robust 12 points to 52, above the pre-pandemic level of 51. This was driven by a strong rebound in optimism, shooting up 27 percentage points (pp) to 65%, following a sharp fall in H1 2020 and only modest improvement in H2.

Grant Thornton’s unique Global business pulse index has tracked performance of several industries between 2020 and the same period in 2021. After showing strength in H2 2020, the financial services (FS) industry index declined 2 points and remains in negative territory at -5.3. Supply and demand constraints dragged on the overall FS industry, despite a sharply improved outlook rising to 62, close to the record high of 64 in early 2017.

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.

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.

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.

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.

The mid-market already had a reputation for agility but the COVID crisis has forced leaders to take an even closer look at how their operations can be more responsive. As they prepare for the future, businesses are taking stock of their existing operations and questioning whether they are fit for purpose.

Tax Alert: New 5 per cent tax on real estate transactions in Saudi Arabia.

The General Authority of Zakat and Tax GAZT announced the approval of its Board of Directors on the electronic invoicing regulation, which was published on Friday, the December,4 2020. This summarised alerts shares the overview of this regulation.

COVID-19 is continuing to challenge the business landscape like no other event before it. Many in the mid-market are now fully focused on building greater resilience into their operations, however, true resilience goes beyond short-term survival. Our series of insights can help businesses look at the external drivers and internal enablers that will underpin their strategy and programmes, whilst working in sync to boost performance.

Rethinking Resilience in Recovery