Nine dead in suspected ISIS attack in Iraq as global threat grows

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Everton: Sigurdsson (47'), Calvert-Lewin (73')

Man of the Match: Dominic Calvert-Lewin (Everton)

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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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

1. Nord Anglia International School (Dubai) – Dh85,032
2. Kings School Al Barsha (Dubai) – Dh71,905
3. Brighton College Abu Dhabi - Dh68,560
4. Jumeirah English Speaking School (Dubai) – Dh59,728
5. Gems Wellington International School – Dubai Branch – Dh58,488
6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

National Editorial: Suleimani has been killed, now we must de-escalate

Jack Moore: Why the assassination is such a monumental gamble

Matthew Levitt: Iran retains its ability to launch terror attacks

Damien McElroy: A CEO tasked with spreading Iran's influence

Hussein Ibish: Trump's order on solid constitutional ground

Simon Waldman: Cautious Israel keeping a low profile

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

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Cahill (3'), Kane (39')

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Iwobi (47')

Through Her Lens: The stories behind the photography of Eva Sereny

Forewords by Jacqueline Bisset and Charlotte Rampling, ACC Art Books

Dos

• Wear the right fabric for the right season and occasion 
• Always ask for the dress code if you don’t know
• Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
• Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

• Wear hamdania for work, always wear a ghutra and agal 
• Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

• Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
• Premier League-standard football pitch
• 400m Olympic running track
• NBA-spec basketball court with auditorium
• 600-seat auditorium
• Spaces for historical and cultural exploration
• An elevated football field that doubles as a helipad
• Specialist robotics and science laboratories
• AR and VR-enabled learning centres
• Disruption Lab and Research Centre for developing entrepreneurial skills

National Editorial: World trade has started to look inwards

Callum Patton: ‘Arrival of Asian century’ has eclipsed US

Robin Mills: Importance of China's energy markets clearer

• Individuals must register on UAE Drone app or website using their UAE Pass
• Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
• Upload the training certificate from a centre accredited by the GCAA
• Submit their request

• Fly it within visual line of sight
• Never over populated areas
• Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
• Users must avoid flying over restricted areas listed on the UAE Drone app
• Only fly the drone during the day, and never at night
• Should have a live feed of the drone flight
• Drones must weigh 5 kg or less

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Son 78'

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5.25pm: Etihad Museum – Maiden (TB) Dh82,500 (Turf) 1,200m

6pm: Al Shindaga Museum – Handicap (TB) Dh87,500 (Dirt) 1,200m

6.35pm: Poet Al Oqaili – Handicap (TB) Dh95,000 (T) 1,400m

7.10pm: Majlis Ghurfat Al Sheif – Handicap (TB) Dh87,500 (D) 1,600m

7.45pm: Hatta – Handicap (TB) Dh95,000 (T) 1,400m

8.20pm: Al Fahidi – Rated Conditions (TB) Dh87,500 (D) 2,200m

8.55pm: Zabeel Trophy – Rated Conditions (TB) Dh120,000 (T) 1,600m

9.30pm: Coins Museum – Rated Conditions (TB) Dh95,000 (D) 1,600m

10.05pm: Al Quoz Creative – Handicap (TB) Dh95,000 (T) 1,000m

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Leicester City 1

Vardy 58'

Biosafety Level 1

The lowest safety level. These labs work with viruses that are minimal risk to humans.

Hand washing is required on entry and exit and potentially infectious material decontaminated with bleach before thrown away.

Must have a lock. Access limited. Lab does not need to be isolated from other buildings.

Used as teaching spaces.

Study microorganisms such as Staphylococcus which causes food poisoning.

Biosafety Level 2

These labs deal with pathogens that can be harmful to people and the environment such as Hepatitis, HIV and salmonella.

Working in Level 2 requires special training in handling pathogenic agents.

Extra safety and security precautions are taken in addition to those at Level 1

Biosafety Level 3

These labs contain material that can be lethal if inhaled. This includes SARS coronavirus, MERS, and yellow fever.

Significant extra precautions are taken with staff given specific immunisations when dealing with certain diseases.

Infectious material is examined in a biological safety cabinet.

Personnel must wear protective gowns that must be discarded or decontaminated after use.

Strict safety and handling procedures are in place. There must be double entrances to the building and they must contain self-closing doors to reduce risk of pathogen aerosols escaping.

Windows must be sealed. Air from must be filtered before it can be recirculated.

Biosafety Level 4

The highest level for biosafety precautions. Scientist work with highly dangerous diseases that have no vaccine or cure.

All material must be decontaminated.

Personnel must wear a positive pressure suit for protection. On leaving the lab this must pass through decontamination shower before they have a personal shower.

Entry is severely restricted to trained and authorised personnel. All entries are recorded.

Entrance must be via airlocks.

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

Name: Ayisha Abdulrahman Gareb

Age: 57

From: Kalba

Occupation: Mukrema, though she washes bodies without charge

Favourite things to do: Visiting patients at the hospital and give them the support they need.
Role model: Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood.