Zimbabwe spelt end for Speed

SYDNEY // Malcolm Speed has revealed a fall-out over the Dubai-based International Cricket Council's stance on Zimbabwe led to his departure as the organisation's chief executive. Speed said he was opposed to the ICC's inactivity over the troubled nation and was effectively forced out following a row with then president Ray Mali. He said: "Ray Mali and I had an angry and bitter exchange in October 2007 over the ICC's policy in relation to Zimbabwe.

"This caused our previously friendly relationship to break down irretrievably. "In March 2008, the ICC board reviewed the KPMG forensic report into the finances of Zimbabwe Cricket. The report showed that there had been irregularities in the finances of ZC. "The ICC board resolved to take no further action on the basis that the KPMG report did not prove that any individual within ZC had profited. "Sir John Anderson, the New Zealand Cricket chairman, and I had vigorously opposed this decision at the board meeting.

"As a director of ICC, I was bound by the decision." Speed decided not to attend a press conference where the ICC's decision would be announced. And he revealed: "Six weeks later, in April 2008, after an informal gathering of directors in Bangalore for the launch of the Indian Premier League, I was requested to go on 'gardening leave' for the last eight weeks of my contract as a result of 'fundamental disagreement with the ICC president and other board members over issues that included Zimbabwe'."

The ICC have faced repeated criticism over their failure to act against Zimbabwe Cricket, who have links with the ruling Zanu-PF party. * PA Sport

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

UAE currency: the story behind the money in your pockets

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

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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative

Read part one: how cars came to the UAE

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How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.