The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post
The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post
The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post
The stamp features the rulers of the six founding GCC members: the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman. Photo: Emirates Post

UAE

UAE issues commemorative stamp to celebrate Gulf Co-operation Council

Emirates Post honours founders of the long-standing diplomatic bloc

The National

December 21, 2022

  • English
  • Arabic

The UAE has issued a commemorative stamp to celebrate the formation of the Gulf Co-operation Council more than 40 years ago.

Emirates Post launched the memento in partnership with postal groups across the Gulf to recognise the achievements of the body in bolstering ties in the region.

The striking souvenir features the rulers of the six founding members of the Emirates, Saudi Arabia, Bahrain, Qatar, Kuwait and Oman who held the historic first summit at the InterContinental hotel in Abu Dhabi on May 25, 1981.

The flags of the countries and the GCC logo are also displayed.

The inaugural GCC meeting 41 years ago began with a Quran recitation, following which the UAE Founding Father, the late Sheikh Zayed bin Sultan Al Nahyan, gave an opening address.

  • Russian Foreign Minister Sergey Lavrov attends the fifth Gulf Co-operation Council-Russia Joint Ministerial Meeting for Strategic Dialogue in Riyadh, Saudi Arabia. Reuters
    Russian Foreign Minister Sergey Lavrov attends the fifth Gulf Co-operation Council-Russia Joint Ministerial Meeting for Strategic Dialogue in Riyadh, Saudi Arabia. Reuters
  • Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, attends the GCC-Russia dialogue in Riyadh. Wam
    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs and International Co-operation, attends the GCC-Russia dialogue in Riyadh. Wam
  • Mr Lavrov, right, and his Saudi counterpart Prince Faisal bin Farhan Al Saud during the meeting. AFP
    Mr Lavrov, right, and his Saudi counterpart Prince Faisal bin Farhan Al Saud during the meeting. AFP
  • Mr Lavrov began a tour of the region in Bahrain on Monday, where he met King Hamad and Foreign Minister Abdullatif Al Zayani. Reuters
    Mr Lavrov began a tour of the region in Bahrain on Monday, where he met King Hamad and Foreign Minister Abdullatif Al Zayani. Reuters
  • After the Russian minister arrived in Riyadh, Prince Faisal spoke about Saudi Arabia's willingness to make the necessary efforts to contribute to a political solution in Ukraine. AFP
    After the Russian minister arrived in Riyadh, Prince Faisal spoke about Saudi Arabia's willingness to make the necessary efforts to contribute to a political solution in Ukraine. AFP
  • Right to left: Mr Lavrov and his Gulf counterparts, Sheikh Abdullah, Bahrain's Abdullatif Al Zayani, Saudi Arabia's Prince Faisal, Oman's Sayyid Badr Al Busaidi, Qatar's Sheikh Mohammed bin Abdulrahman Al Thani, Kuwait's Sheikh Ahmed Nasser Al Mohammed Al Sabah, and Secretary General of the GCC Nayef Al Hajraf, pose for a picture during the GCC meeting. AFP
    Right to left: Mr Lavrov and his Gulf counterparts, Sheikh Abdullah, Bahrain's Abdullatif Al Zayani, Saudi Arabia's Prince Faisal, Oman's Sayyid Badr Al Busaidi, Qatar's Sheikh Mohammed bin Abdulrahman Al Thani, Kuwait's Sheikh Ahmed Nasser Al Mohammed Al Sabah, and Secretary General of the GCC Nayef Al Hajraf, pose for a picture during the GCC meeting. AFP

The rulers then signed a document establishing the GCC. After all six had signed, the room filled with applause.

The historic gathering ushered in a crucial era of collaboration.

The bloc continues to work as one to champion development in the Gulf across a wide variety of fields and address key issues in the region.

“It is an honour for us to work with the postal administrations within the Gulf Co-operation Council to issue the commemorative postal stamp celebrating the GCC's 40th anniversary,” said Abdulla Alashram, group chief executive of Emirates Post Group.

“The stamp highlights the long-standing alliances and brotherhood that bind the people of the Gulf states together.

“We further hope to accomplish a qualitative shift in the collaboration and integration for achieving the strategic interests of the GCC states and highlight the council’s remarkable efforts in enhancing co-operation and co-ordination in all the areas."

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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

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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. 

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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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Updated: December 21, 2022, 2:04 PM
UAEAbu Dhabi