The supersonic XB-1 has a 71 foot-long (21.6m) fuselage, a carbon-composite airframe and three GE-designed J85-15 engines. Reuters
The supersonic XB-1 has a 71 foot-long (21.6m) fuselage, a carbon-composite airframe and three GE-designed J85-15 engines. Reuters
The supersonic XB-1 has a 71 foot-long (21.6m) fuselage, a carbon-composite airframe and three GE-designed J85-15 engines. Reuters
The supersonic XB-1 has a 71 foot-long (21.6m) fuselage, a carbon-composite airframe and three GE-designed J85-15 engines. Reuters

Boom Supersonic shows off test plane


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Boom Supersonic on Wednesday unveiled its first demonstrator aircraft X-B1, which is scheduled to begin flight testing next year, in a milestone for the US start-up planning a commercial airliner that can conquer the sound barrier.

A handful of US companies are vying to bring back supersonic passenger travel which died out with the Anglo-French Concorde's retirement in 2003.

Today's planned supersonic jets, while quieter and more fuel efficient than the Concorde, are under pressure from environmentalists and airports to meet noise levels and carbon emissions standards for conventional planes.

Denver-based Boom said in a statement that XB-1 will undergo a carbon-neutral flight test program which is to start next year in Mojave, California.

XB-1 has a 71 foot-long (21.6m) fuselage, a carbon-composite airframe and three GE-designed J85-15 engines, the statement said.

The aircraft's first flight is targeted for the second half of 2021, with entry-into-service of the company's supersonic airliner Overture expected by the end of the decade, Boom chief executive Blake Scholl said in an interview.

Overture, a supersonic airliner with 65 to 88 seats priced initially at business class fares, would cut transatlantic flying time in half to about three-and-half hours. The company says it has orders from Japan Airlines and Virgin Group.

Mr Scholl said he expects the aviation market, hard-hit by the coronavirus pandemic, to rebound by the time Overture comes to market.

"The nice thing about supersonic jets is if you're concerned about time on airplanes, less time is better," he said.

Mr Scholl founded Boom in 2014 after serving in leadership roles at Amazon and Groupon, according to the company's website.

First Person
Richard Flanagan
Chatto & Windus 

Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.

Based: Riyadh

Offices: UAE, Vietnam and Germany

Founded: September, 2020

Number of employees: 70

Sector: FinTech, online payment solutions

Funding to date: $116m in two funding rounds  

Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

RUGBY CHAMPIONSHIP FIXTURES

September 30
South Africa v Australia
Argentina v New Zealand

October 7
South Africa v New Zealand
Argentina v Australia

MATCH INFO

BRIGHTON 0

MANCHESTER UNITED 3

McTominay 44'

Mata 73'

Pogba 80'

UAE%20v%20West%20Indies
%3Cp%3EFirst%20ODI%20-%20Sunday%2C%20June%204%20%0D%3Cbr%3ESecond%20ODI%20-%20Tuesday%2C%20June%206%20%0D%3Cbr%3EThird%20ODI%20-%20Friday%2C%20June%209%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EMatches%20at%20Sharjah%20Cricket%20Stadium.%20All%20games%20start%20at%204.30pm%0D%3Cbr%3E%0D%3Cbr%3E%3Cstrong%3EUAE%20squad%3C%2Fstrong%3E%0D%3Cbr%3EMuhammad%20Waseem%20(captain)%2C%20Aayan%20Khan%2C%20Adithya%20Shetty%2C%20Ali%20Naseer%2C%20Ansh%20Tandon%2C%20Aryansh%20Sharma%2C%20Asif%20Khan%2C%20Basil%20Hameed%2C%20Ethan%20D%E2%80%99Souza%2C%20Fahad%20Nawaz%2C%20Jonathan%20Figy%2C%20Junaid%20Siddique%2C%20Karthik%20Meiyappan%2C%20Lovepreet%20Singh%2C%20Matiullah%2C%20Mohammed%20Faraazuddin%2C%20Muhammad%20Jawadullah%2C%20Rameez%20Shahzad%2C%20Rohan%20Mustafa%2C%20Sanchit%20Sharma%2C%20Vriitya%20Aravind%2C%20Zahoor%20Khan%0D%3C%2Fp%3E%0A
What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

FINAL SCORES

Fujairah 130 for 8 in 20 overs

(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)

Sharjah 131 for 8 in 19.3 overs

(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)