Work by the shortlisted artists will be on display at the inaugural exhibition starting November. Khushnum Bhandari / The National
Work by the shortlisted artists will be on display at the inaugural exhibition starting November. Khushnum Bhandari / The National
Work by the shortlisted artists will be on display at the inaugural exhibition starting November. Khushnum Bhandari / The National
Work by the shortlisted artists will be on display at the inaugural exhibition starting November. Khushnum Bhandari / The National

Seven artists shortlisted for Louvre Abu Dhabi's first Richard Mille Art Prize


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Seven artists have been shortlisted for the first Richard Mille Art Prize following an open call. Produced in partnership with Swiss watchmaking brand Richard Mille, the prize aims to highlight contemporary art and artists within the region and beyond.

The shortlist includes Emirati artists Latifa Saeed and Mohammed Kazem, Lebanese-Italian artist and writer Cristiana de Marchi, Palestinian artist Mays Albaik, Bahraini artist Nasser Alzayani, Palestinian-Kuwaiti visual artist Tarek Al-Ghoussein and Russian visual artist Taus Makhacheva. The artists' work is varied across mediums from video and photography to performance and installations.

The artists' work will be on show in the inaugural Louvre Abu Dhabi Art Here 2021 exhibition, which will open in November. A winner will then be selected from the seven to receive a $50,000 (Dh1,83,000) cash prize. The winner will be announced during an award ceremony to be held in the months following the exhibition opening.

The artists have been selected by a four-member jury including Sheikh Zayed bin Sultan bin Khalifa Al Nahyan, chairman of UAE Unlimited and an art collector and patron of the Centre Pompidou, the British Museum and Sharjah Art Foundation; Christine Macel, an art critic and chief curator at the Musee National d’Art Moderne at Centre Pompidou; Hala Warde, founding architect of HW Architecture and long-term partner of Jean Nouvel, who was the lead of the Louvre Abu Dhabi project; and Souraya Noujaim, Louvre Abu Dhabi’s scientific, curatorial and collections management director.

Souraya Noujaim is Louvre Dhabi's scientific, curatorial and collections management director. DCT Abu Dhabi
Souraya Noujaim is Louvre Dhabi's scientific, curatorial and collections management director. DCT Abu Dhabi

“We were thrilled to have received a large number of proposals from artists across the UAE for this first edition of Louvre Abu Dhabi Art Here 2021 exhibition and The Richard Mille Art Prize. The calibre and creativity of these submissions are reflective of the UAE’s thriving art scene. We are also excited to be supporting our community of talented artists, who are deeply engaged with the time and place in which they are working,” said Noujaim.

The Richard Mille Art Prize, which was first announced in July, will be held annually.

Louvre Abu Dhabi Art Here 2021 exhibition will run from Thursday, November 18 to Sunday, March 27, 2022

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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Updated: October 20, 2021, 1:56 PM