A Remainer unfurls the UK and EU flags outside the European Parliament in Brussels earlier this year. UK PM Boris Johnson believes the two entities can maintain excellent relations despite the split. AP Photo
A Remainer unfurls the UK and EU flags outside the European Parliament in Brussels earlier this year. UK PM Boris Johnson believes the two entities can maintain excellent relations despite the split. AP Photo
A Remainer unfurls the UK and EU flags outside the European Parliament in Brussels earlier this year. UK PM Boris Johnson believes the two entities can maintain excellent relations despite the split.
On the historic day when Britain's Brexit quest finally became reality, perhaps the most surprising aspect of the comments made by political leaders on both sides of the English Channel was their mutual commitment to European unity.
One of the great canards perpetrated by die-hard Remain supporters – those who wanted Britain to retain its membership of the EU at all costs – was that, by voting for Brexit, the British people were somehow turning their backs on Europe.
In fact, as British Prime Minister Boris Johnson was keen to emphasise when he first announced the breakthrough in the Brexit negotiations on Christmas Eve, the country was not turning its back on its neighbours. He insisted that Britain was entering into a new trading arrangement with the EU, one where the democratically elected UK Parliament, and not a collection of unelected European technocrats, had ultimate authority over British law-making. In his inimitable style, Mr Johnson emphasised that Britain would remain “culturally, emotionally, historically, strategically and geologically attached to Europe".
It was a point he was keen to reiterate when he opened this week's debate in the House of Commons on the Brexit bill, which was passed with 521 votes to 73 after a majority of opposition Labour MPs joined their Conservative colleagues in voting for the legislation.
After more than four-and-a-half years of bitter recriminations between Leave and Remain supporters since the Brexit referendum in June 2016, Mr Johnson sought to put the debate in its proper context. "Those of us who campaigned for Britain to leave the EU never sought a rupture with our closest neighbours," he said. "Now, with this bill, we shall be a friendly neighbour – the best friend and ally the EU could have – working hand-in-glove whenever our values and interests coincide while fulfilling the sovereign wish of the British people to live under their own laws, made by their own elected Parliament."
In Brussels, where the EU negotiating team led by Michel Barnier struggled to fully comprehend Britain’s insistence on sticking to the sovereignty issue – even if it meant leaving the trade bloc without a deal – European leaders were quick to praise the start of the new relationship. European Commission President Ursula von der Leyen tweeted: “It has been a long road. It’s time now to put Brexit behind us. Our future is made in Europe.” Mr Barnier, meanwhile, praised both European and British negotiating teams, tweeting: “Each person played their part in building European unity. Thank you!”
The sheer breadth of the agreement, which runs to 1,246 pages and covers everything from car manufacturing to fisheries policy and is worth a staggering £668 billion ($912.6bn), is undoubtedly a phenomenal achievement. And it has already attracted envious comments from other European countries that enjoy separate trading ties with the EU.
British Prime Minister Boris Johnson insists the UK's relations with Europe will not be undermined. Reuters
Marit Arnstad, parliamentary leader of Norway’s Centre Party, which is currently leading the country’s polls, said the Brexit trade deal was "a better agreement" than the one that governs Norway's relations with the EU, saying the UK has won "more freedom and more independence".
Significant obstacles remain, of course, not least the City of London’s trading relationship with the EU, which has still to be resolved. As matters stand, Britain’s financial services industry, which accounts for about 7 per cent of the country’s GDP, will have less access to Europe’s single market from January 1, with both Frankfurt and Paris keen to enhance their status as financial centres. Even so, London’s position as the world’s biggest centre for foreign-exchange trading is unlikely to be affected, and EU member states could find that trying to exclude London’s expertise from European markets is counter-productive.
Certainly, with the value of sterling rising against the dollar and euro immediately after the Brexit deal was announced, Britain's financial institutions are expanding, instead of shedding jobs, as many Remainers had predicted. A recent survey for the Financial Times showed that more than half of the largest finance firms in London have already increased their employee headcount in the past five years.
Of more concern is the impact Brexit might have on the future of the UK itself, with Scottish and Welsh nationalists reiterating their demands for full independence and the right to rejoin the EU, even though it remains a moot point whether Brussels would be willing to admit an independent Scotland or Wales to its ranks.
The real challenge for post-Brexit Britain, though, will be to re-establish its status as a major world power. While Britain's standing has diminished in recent years as a result of the preoccupation with Brexit, Britain nevertheless remains the biggest military power in western Europe, making it a key player in the Nato alliance. It has the world's fifth largest economy and is a permanent member of the UN Security Council. And with Brexit out of the way, London will be in a stronger position to help revive the trans-Atlantic alliance with the US after the tensions that characterised the Trump era, and will be well-placed to help President-elect Joe Biden to achieve his aim of breathing new life in the western alliance.
As Mr Johnson declared during the Commons debate, the Brexit deal will "open a new chapter in our national story". It is now up to him to make sure it is one that makes for enjoyable reading for future generations.
Con Coughlin is a defence and foreign affairs columnist for The National
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Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
The two finalists advance to the Asia qualifier in Malaysia in August
Group A
Bahrain, Maldives, Oman, Qatar
Group B
UAE, Iran, Kuwait, Saudi Arabia
UAE group fixtures
Sunday Feb 23, 9.30am, v Iran
Monday Feb 25, 1pm, v Kuwait
Tuesday Feb 26, 9.30am, v Saudi
UAE squad
Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed
One showed 28 per cent of female students at a Dubai university reported symptoms linked to depression. Another in Al Ain found 22.2 per cent of students had depressive symptoms - five times the global average.
It said the country has made strides to address mental health problems but said: “Our review highlights the overall prevalence of depressive symptoms and depression, which may long have been overlooked."
Prof Samir Al Adawi, of the department of behavioural medicine at Sultan Qaboos University in Oman, who was not involved in the study but is a recognised expert in the Gulf, said how mental health is discussed varies significantly between cultures and nationalities.
“The problem we have in the Gulf is the cross-cultural differences and how people articulate emotional distress," said Prof Al Adawi.
“Someone will say that I have physical complaints rather than emotional complaints. This is the major problem with any discussion around depression."
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
