As the British government further relaxes Covid-19 lockdown measures, this week sees preparations made to open non-essential stores and transport for London. Getty Images
As the British government further relaxes Covid-19 lockdown measures, this week sees preparations made to open non-essential stores and transport for London. Getty Images
As the British government further relaxes Covid-19 lockdown measures, this week sees preparations made to open non-essential stores and transport for London. Getty Images
It is now mid-June, and the world is bracing for a summer largely characterised by a pandemic, even as restrictions have been eased around the globe.
Today, non-essential businesses in the UK have been allowed to reopen. Major football leagues in Europe are back to playing games, even though they are without fans. Here in the UAE, Dubai public sector employees were allowed to work at 100 per cent capacity as of yesterday, with the exception of individuals who are pregnant, elderly, have young children who arehomeschooling or have underlying conditions.
There is a semblance of normality on the way, but only what has been dubbed a “new normal.” Face masks, temperature checks and restricted flights are now facts of life until a vaccine for the coronavirus is discovered and widely distributed.
In the meantime, it is our collective responsibility to strive not only for a new normal, but a better one.
The pandemic has exposed the limits of the social, political and economic models that dominated before the outbreak. Many had previously considered it unfathomable that entire organisations could function fully with their employees almost exclusively working from home. Some employers expressed concerns that this trend would undermine productivity. Now, working remotely is set to be a bigger part of the future in certain sectors.
Additionally, border closures enforced by worldwide lockdowns, together with the limitations on exports of basic necessities imposed by some countries to meet national demand, have encouraged governments to invest further in agriculture and local businesses, and to prioritise food security.
The pandemic has also exposed vulnerabilities inmany ofthe world's healthcare systems. Even in countries renowned for medical excellence, the pandemic has pushed hospitals to the brink. These challenges, which have sometimes cost lives, must serve as a wake-up call for institutions around the world to start planning ahead for the long term instead of focusing on immediate, short-lived successes.
Some nations have already drawn lessons from the virus’s impact. The government of Pakistan has announced it will double healthcare spending in its next budget, while the UAE is redoubling its investment in agriculture technology and local farming.
The pandemic has exposed the limits of the social, political and economic models that dominated before the outbreak
Companies and governments bear an immense responsibility when it comes to keeping residents safe from illness. However, that responsibility also remains largely with individuals. The pandemic has proven how interconnected the world truly is. Even if one individual is unlikely to develop a severe case of Covid-19, their disregard for hygiene measures could lead to other, more vulnerable populations becoming infected.
The price of recklessness is too high. Observing physical distancing, wearing a mask in public and washing one's hands frequently are all key to beating coronavirus and protecting one another from disease. In the UAE, AlHosn app has been introduced as a tracking app that can also deliver results directly to those being tested. It can help curb and control the spread of the virus.In a post-pandemic world, it is imperative to develop resilience, and that begins with preparing ourselves well for whatever may lie ahead.
SERIE A FIXTURES
Saturday
AC Milan v Sampdoria (2.30pm kick-off UAE)
Atalanta v Udinese (5pm)
Benevento v Parma (5pm)
Cagliari v Hellas Verona (5pm)
Genoa v Fiorentina (5pm)
Lazio v Spezia (5pm)
Napoli v Crotone (5pm)
Sassuolo v Roma (5pm)
Torino v Juventus (8pm)
Bologna v Inter Milan (10.45pm)
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
The Old Slave and the Mastiff
Patrick Chamoiseau
Translated from the French and Creole by Linda Coverdale
Benefits of first-time home buyers' scheme
Priority access to new homes from participating developers
Discounts on sales price of off-plan units
Flexible payment plans from developers
Mortgages with better interest rates, faster approval times and reduced fees
DLD registration fee can be paid through banks or credit cards at zero interest rates
Terror attacks in Paris, November 13, 2015
- At 9.16pm, three suicide attackers killed one person outside the Atade de France during a foootball match between France and Germany - At 9.25pm, three attackers opened fire on restaurants and cafes over 20 minutes, killing 39 people - Shortly after 9.40pm, three other attackers launched a three-hour raid on the Bataclan, in which 1,500 people had gathered to watch a rock concert. In total, 90 people were killed - Salah Abdeslam, the only survivor of the terrorists, did not directly participate in the attacks, thought to be due to a technical glitch in his suicide vest - He fled to Belgium and was involved in attacks on Brussels in March 2016. He is serving a life sentence in France
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
US-based BlackRock is the world's largest asset manager, with $5.98 trillion of assets under management as of the end of last year. The New York firm run by Larry Fink provides investment management services to institutional clients and retail investors including governments, sovereign wealth funds, corporations, banks and charitable foundations around the world, through a variety of investment vehicles.
KKR & Co, or Kohlberg Kravis Roberts, is a global private equity and investment firm with around $195 billion of assets as of the end of last year. The New York-based firm, founded by Henry Kravis and George Roberts, invests in multiple alternative asset classes through direct or fund-to-fund investments with a particular focus on infrastructure, technology, healthcare, real estate and energy.
LA LIGA FIXTURES
Friday Athletic Bilbao v Celta Vigo (Kick-off midnight UAE)
Saturday Levante v Getafe (5pm), Sevilla v Real Madrid (7.15pm), Atletico Madrid v Real Valladolid (9.30pm), Cadiz v Barcelona (midnight)
Sunday Granada v Huesca (5pm), Osasuna v Real Betis (7.15pm), Villarreal v Elche (9.30pm), Alaves v Real Sociedad (midnight)
