Olaf Scholz was sworn in as Chancellor of Germany on Wednesday, bringing the curtain down on Angela Merkel's 16-year term at the helm of Europe's biggest economy.
Watching from the public gallery in parliament, Mrs Merkel was given a standing ovation by MPs before they voted to confirm Mr Scholz's appointment.
Mr Scholz, 63, won the vote by 395 to 303, winning the required majority in the 736-seat parliament and clearing the final hurdle for his three-party coalition.
He takes power with a mission to modernise Germany but faces the immediate challenges of the coronavirus pandemic and the Russian troop build-up on Ukraine's eastern flank.
The Ukraine crisis occupied Mrs Merkel until her final hours in office, with Berlin under pressure from Washington over the controversial Nord Stream 2 gas pipeline to Russia.
She was briefed by US President Joe Biden on Tuesday after his call with Russian counterpart Vladimir Putin, amid fears the Kremlin is planning to invade its former Soviet neighbour.
“It must be quite, quite clear that it would be an unacceptable situation if there were a threat to Ukraine,” Mr Scholz said.
The new chancellor said his first foreign trip would be to Paris, where French President Emmanuel Macron welcomed his appointment with a call to “write the next chapter together".
Global leaders, including those of the UAE, sent congratulatory messages to Berlin. The President, Sheikh Khalifa, sent a cable to Mr Scholz with his congratulations while Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, sent similar messages.
Mr Biden extended his "congratulations" to Mr Scholz and "is looking forward to building on the strong ties between our two nations," White House spokeswoman Karine Jean-Pierre said.
Moscow said it was hoping for constructive relations with Mr Scholz, with Kremlin spokesman Dmitry Peskov saying there was “no alternative to dialogue".
After taking the oath of office and moving into the chancellery in Berlin, Mr Scholz said he would strive for “a new beginning for our country” but described the pandemic as a “great, unfinished crisis".
“It’s a great challenge and I’m very grateful that the people and parliament of this country have given me this task,” he said of his new role.
The new Cabinet, with Russia critic Annalena Baerbock as foreign minister, was sworn in at a ceremony with Germany's president.
Mr Scholz, a Social Democrat, is the ninth postwar chancellor and the fourth in the reunified Germany.
A former mayor of Hamburg, he led the party to victory after years as a junior partner to Ms Merkel's Christian Democrats (CDU), in a “grand coalition” in which Mr Scholz was finance minister.
After winning September's election, he sealed a coalition deal with the Greens and Free Democrats (FDP), the first such alliance at national level.
Armin Laschet, the defeated CDU candidate at the election, was among the first to congratulate Mr Scholz in parliament.
“Although we fought for a different result, we can be happy that there is such respect among democrats in our country,” he said.
The coalition parties plan to slash Germany's carbon emissions, overhaul its creaking digital infrastructure, modernise citizenship laws, raise the minimum wage and speed up the building of new homes.
Green co-leader Robert Habeck will take on an expanded economy and climate ministry to lead the race to net zero, while FDP chief Christian Lindner is the new finance minister.
Their four-year programme to revamp Germany is called “Dare More Progress”, a hat tip to Cold War-era chancellor Willy Brandt and his pledge to “Dare More Democracy".
Before taking office, the coalition partners used their new majority to amend Germany's coronavirus laws, tightening restrictions on public transport and in workplaces.
They were criticised by the Christian Democrats, who are going into opposition, for allowing a state of emergency to expire despite a surge in infections leading up to winter.
Mr Scholz wants 30 million Germans to be vaccinated, or given a booster, by the end of the year amid frustration over the number of unprotected people.
He expressed support for a nationwide vaccine mandate, an issue to be debated by parliament in the new year.
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 specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The biog
Alwyn Stephen says much of his success is a result of taking an educated chance on business decisions.
His advice to anyone starting out in business is to have no fear as life is about taking on challenges.
“If you have the ambition and dream of something, follow that dream, be positive, determined and set goals.
"Nothing and no-one can stop you from succeeding with the right work application, and a little bit of luck along the way.”
Mr Stephen sells his luxury fragrances at selected perfumeries around the UAE, including the House of Niche Boutique in Al Seef.
He relaxes by spending time with his family at home, and enjoying his wife’s India cooking.
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Mica
Director: Ismael Ferroukhi
Stars: Zakaria Inan, Sabrina Ouazani
3 stars
Section 375
Cast: Akshaye Khanna, Richa Chadha, Meera Chopra & Rahul Bhat
Director: Ajay Bahl
Producers: Kumar Mangat Pathak, Abhishek Pathak & SCIPL
Rating: 3.5/5
HOW TO WATCH
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GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
UAE currency: the story behind the money in your pockets
Where to buy art books in the UAE
There are a number of speciality art bookshops in the UAE.
In Dubai, The Lighthouse at Dubai Design District has a wonderfully curated selection of art and design books. Alserkal Avenue runs a pop-up shop at their A4 space, and host the art-book fair Fully Booked during Art Week in March. The Third Line, also in Alserkal Avenue, has a strong book-publishing arm and sells copies at its gallery. Kinokuniya, at Dubai Mall, has some good offerings within its broad selection, and you never know what you will find at the House of Prose in Jumeirah. Finally, all of Gulf Photo Plus’s photo books are available for sale at their show.
In Abu Dhabi, Louvre Abu Dhabi has a beautiful selection of catalogues and art books, and Magrudy’s – across the Emirates, but particularly at their NYU Abu Dhabi site – has a great selection in art, fiction and cultural theory.
In Sharjah, the Sharjah Art Museum sells catalogues and art books at its museum shop, and the Sharjah Art Foundation has a bookshop that offers reads on art, theory and cultural history.
The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
Sunday:
GP3 race: 12:10pm
Formula 2 race: 1:35pm
Formula 1 race: 5:10pm
Performance: Guns N' Roses
